Within his freshly published autobiography, called Ithaki, the ex- premier Alexis Tsipras spares no criticism as he reflects on that turbulent period during Greece's financial crisis.
A Controversial Choice
In Tsipras's account, he chose the unorthodox academic Yanis Varoufakis to be the finance minister mainly because of the latter's worldwide fame along with his very persuasive skills when it came to speaker.
“In reality, he was, truthfully, more like a star and less of an economist,” stated the 51-year-old.
Conflicting Agendas
The former leader claims that his finance chief had a personal motives that included promoting his publications and testing out his own economic models using Greece instead of genuinely advocating the country's financial survival.
He noted that those discussions to avoid bankruptcy became “not just a method of achieving a better deal for Greece. They became a test, an historic chance to demonstrate the truth of Varoufakis's economic theories.”
High-Stakes Talks
Amid rollercoaster discussions, Greece came perilously on the brink of exiting the single currency area.
On the line was not only Greece's future and those punishing austerity measures demanded in return for financial aid from international creditors.
Unsuccessful Alternatives
Efforts to secure financing elsewhere, including an urgent appeal to Russia to purchase Greek government bonds, were rejected.
Helping Greece would be equivalent to tossing cash into the garbage, the Russian leader reportedly informed Tsipras during their meeting.
Referendum Followed by U-Turn
That summer, those excoriating conditions were put to a public vote, a move which plunged Europe into further crisis of identity.
Although the vote was carried resoundingly by those against the cuts, the prime minister had little option but to reject its outcome and agree to a rescue deal with creditors that proved to be tougher.
Breaking Point
The ex-PM revealed that he began to doubt his finance minister quite early on.
“He was the face of negotiation, the figure who drew media attention, who graced the covers of magazines the world over … it seemed he relished the spotlight.”
When the minister proposed a backup strategy involving creating a secondary currency as well as distributing coupons to retirees, Tsipras knew it was the end questioning him: “Are you serious?”
Lasting Criticism
Within the memoir, the author concludes how Varoufakis had proved himself to be “unsuitable for an agreement that required intricate and delicate management.”
Tsipras also wrote that his confrontational approach left him more and more alone among peers, endangered the country, while assisted hardliners who were pushing for Grexit.
This retelling of events has been met with fury along with shock in some quarters, whereas the former minister has kept a deafening silence on the matter.
