Within his recently unveiled autobiography, named Ithaki, the former leader Alexis Tsipras pulls no punches while he revisits that turbulent period of Greece's debt drama.
A Controversial Choice
According to the ex-PM's account, Tsipras selected that unorthodox economist Yanis Varoufakis to be his finance minister largely because of the latter's worldwide fame and his very persuasive abilities as a speaker.
“In reality, he was, actually, more of a personality rather than an economist,” recalled Tsipras.
Conflicting Priorities
The former leader suggests how Varoufakis had his own agenda which involved promoting Varoufakis's publications and testing out his economic models on the nation instead of truly fighting for its financial survival.
He wrote how the discussions to stave off bankruptcy became “not only a method to secure improved terms for Greece. They were an experiment, an historic opportunity to prove the truth of his economic theories.”
Critical Talks
Amid tense discussions, the country came dangerously on the brink of leaving the single currency area.
At stake was not only the country's destiny and those severe austerity policies required in exchange for financial aid from international creditors.
Failed Alternatives
Efforts to secure funds from other sources, including a desperate plea to the Kremlin to buy Greek bonds, went unanswered.
Helping Greece was tantamount to throwing money in the trash-can, Putin reportedly informed his Greek counterpart during their meeting.
Referendum Followed by Reversal
That summer, the excoriating conditions were subjected to a popular referendum, a move that plunged Europe into a deeper crisis of identity.
Although the vote was carried decisively by those who opposed the cuts, the prime minister was forced to reject its outcome and negotiate a bailout package with creditors which proved to be tougher.
Final Straw
Tsipras claimed how he began to doubt Varoufakis quite early on.
“He was the public image of the talks, the man who attracted media attention, who appeared on the front pages of publications globally … it seemed he was enjoying his new role.”
When the minister proposed a backup strategy involving creating a parallel currency and issuing coupons to retirees, the leader knew it was the end questioning Varoufakis: “Can you be serious?”
Enduring Criticism
Within the book, Tsipras concludes that Varoufakis demonstrated himself “unsuitable for an agreement demanding complex and delicate handling.”
He also wrote that his confrontational style made him more and more alone with colleagues, put Greece at risk, and helped hardliners who were advocating a Greek exit from the euro.
The account of events has provoked fury and shock in some quarters, whereas the former minister has so far kept a conspicuous quiet regarding these claims.
