Within his recently unveiled autobiography, titled Ithaki, the former prime minister Alexis Tsipras pulls no punches while he revisits the turbulent era during Greece's debt drama.
An Unconventional Appointment
In the ex-PM's account, he chose that maverick academic Yanis Varoufakis as the treasury head largely due to the latter's global profile along with his “extremely attractive” skills when it came to public orator.
“He was, in reality, more like a star and less of an economic expert,” wrote Tsipras.
Conflicting Agendas
The former leader suggests how his finance chief had his own motives that involved advancing Varoufakis's publications as well as testing out his game theories on Greece rather than truly advocating its financial survival.
Tsipras wrote how the discussions to stave off insolvency became “not only a way of achieving improved terms for Greece. They became a test, an historic chance to demonstrate the validity of his ideas.”
High-Stakes Negotiations
Amid tense discussions, the country found itself dangerously close to leaving the eurozone.
At stake lay both the country's future and the punishing austerity measures demanded in exchange for financial aid by international creditors.
Unsuccessful Options
Efforts to find funds elsewhere, such as an urgent appeal to Russia to buy Greek government bonds, were rejected.
Helping the indebted country would be equivalent to tossing cash into the garbage, the Russian leader reportedly informed Tsipras in Moscow.
Referendum Followed by U-Turn
That summer, the harsh conditions were put to a popular referendum, an action which threw Europe into a further crisis of identity.
Even though the vote was won decisively by those against the cuts, Tsipras had little option to reject its outcome and negotiate a bailout package from creditors which turned out to be more severe.
Final Straw
The ex-PM revealed that he began to doubt Varoufakis relatively soon.
“Varoufakis was the face of the talks, the man who drew media attention, who appeared on the front pages of publications globally … he gave the impression he was enjoying his new role.”
When the minister proposed a backup strategy that included establishing a secondary currency as well as distributing coupons to retirees, the leader said he realised that it was the end questioning Varoufakis: “Is this for real?”
Enduring Criticism
In the book, the author concludes how his former ally had proved himself to be “unfit for a deal demanding complex and delicate handling.”
He further wrote how his confrontational style made him increasingly isolated with colleagues, endangered the country, and helped hardliners who were advocating a Greek exit from the euro.
The retelling of events has been met with anger and stunned disbelief among certain groups, while the former minister has so far kept a deafening silence regarding these claims.
