In a newly released autobiography, called Ithaki, the former leader Alexis Tsipras does not hold back as he reflects on that chaotic period of Greece's economic turmoil.
An Unconventional Choice
In Tsipras's recollections, Tsipras selected the maverick economist Yanis Varoufakis to be his treasury head primarily because of the latter's global profile along with his very persuasive abilities when it came to public orator.
“In reality, he was, truthfully, more like a celebrity rather than an economist,” wrote Tsipras.
Conflicting Agendas
Tsipras alleges that Varoufakis possessed a personal motives that included advancing Varoufakis's publications and testing out his own game theories on Greece rather than truly advocating the country's economic stability.
He explained how the discussions to prevent bankruptcy became “not just a way of achieving a better deal for Greece. They became a test, an historic chance to prove the truth of his ideas.”
Critical Talks
During rollercoaster discussions, the country came perilously on the brink of leaving the single currency area.
At stake was not only Greece's destiny and the harsh austerity measures required in exchange for financial aid by foreign lenders.
Failed Options
Efforts to secure funds elsewhere, such as a desperate appeal to Russia to buy Greek government bonds, went unanswered.
Helping Greece was equivalent to tossing cash into the garbage, the Russian leader is reputed to have told his Greek counterpart in Moscow.
Referendum and U-Turn
That summer, those harsh bailout terms were subjected to a popular referendum, an action that plunged the EU into further crisis of identity.
Even though the vote was won decisively by voters who opposed austerity, the prime minister was forced to reject its outcome then agree to a rescue deal from foreign lenders that turned out to be even harsher.
Final Straw
Tsipras claimed that he started questioning his finance minister relatively soon.
“Varoufakis was the face of negotiation, the figure who drew publicity, who appeared on the covers of magazines the world over … he gave the impression he relished his new role.”
When the minister proposed a backup strategy that included establishing a secondary currency as well as issuing vouchers to pensioners, the leader knew it was game over questioning him: “Can you be serious?”
Enduring Criticism
In the book, the author concludes how Varoufakis demonstrated himself to be “unsuitable for a deal that required intricate and delicate handling.”
Tsipras also wrote that Varoufakis's confrontational approach made him more and more alone with colleagues, endangered the country, while assisted hawks that were advocating a Greek exit from the euro.
The retelling of history has been met with fury and shock among certain groups, while the former minister has so far kept a conspicuous quiet on the matter.
