Within his newly released memoir, named Ithaki, the ex- leader Alexis Tsipras does not hold back as he examines that chaotic era during Greece's debt drama.
An Unconventional Appointment
According to the ex-PM's account, he selected the unorthodox economist Yanis Varoufakis as the finance minister largely because of the latter's global profile along with Varoufakis's “extremely attractive” abilities as a speaker.
“In reality, he was, truthfully, more of a celebrity and less of an economist,” stated the 51-year-old.
Clashing Agendas
The former leader suggests that his finance chief had a personal agenda that involved advancing his books and experimenting with his economic models using Greece rather than truly fighting for its economic stability.
He explained that the negotiations to avoid bankruptcy became “not only a method of achieving improved terms for Greece. They became an experiment, a monumental opportunity to demonstrate the validity of Varoufakis's economic theories.”
High-Stakes Talks
Amid rollercoaster negotiations, Greece found itself dangerously close to exiting the eurozone.
At stake was not only Greece's future but also the severe austerity policies required in return for financial aid by foreign lenders.
Unsuccessful Alternatives
Attempts to find funds from other sources, including a desperate plea to Russia to buy Greek bonds, fell on stony ground.
Helping the indebted country was equivalent to throwing money into the garbage, the Russian leader reportedly informed Tsipras in Moscow.
Referendum and Reversal
That summer, the excoriating conditions were subjected to a public vote, an action that threw Europe into a further crisis of identity.
Although the referendum was won decisively by voters against austerity, Tsipras had little option to ignore the result then agree to a rescue deal with creditors that proved to be more severe.
Breaking Point
The ex-PM claimed that he began to doubt Varoufakis quite early on.
“He was the public image of negotiation, the man who drew publicity, who graced the covers of magazines globally … it seemed he was enjoying his new role.”
When the minister outlined a backup strategy involving establishing a secondary currency and issuing vouchers to retirees, the leader knew it was game over questioning Varoufakis: “Can you be serious?”
Lasting Rebuke
In the book, Tsipras concludes that his former ally had proved himself to be “unfit for a deal that required complex and sensitive management.”
Tsipras also wrote how Varoufakis's aggressive style left him more and more alone with colleagues, put Greece at risk, and helped hawks who were pushing for Grexit.
The account of history has been met with fury along with shock among certain groups, while Varoufakis has kept a deafening silence regarding these claims.
