Within his freshly published autobiography, titled Ithaki, the former prime minister Alexis Tsipras pulls no punches while he examines that chaotic era of Greece's economic turmoil.
An Unconventional Choice
According to the ex-PM's version, he selected the unorthodox economist Yanis Varoufakis as the treasury head mainly because of his international reputation along with Varoufakis's highly compelling skills as a communicator.
“In reality, he was, actually, more like a personality rather than an economist,” stated Tsipras.
Conflicting Agendas
The former leader alleges how Varoufakis possessed his own agenda which involved advancing Varoufakis's publications as well as experimenting with his own theories using the nation rather than genuinely advocating the country's economic stability.
He explained how the discussions to prevent bankruptcy became “not just a way to secure improved terms for the country. They were an experiment, an historic chance to prove the validity of his ideas.”
High-Stakes Talks
During volatile discussions, Greece found itself dangerously close to leaving the eurozone.
At stake lay both the country's destiny but also the harsh austerity policies required in exchange for rescue loans from foreign lenders.
Unsuccessful Options
Attempts to secure financing elsewhere, such as an urgent plea to Russia to purchase Greek bonds, went unanswered.
Assisting Greece was tantamount to tossing cash into the garbage, the Russian leader reportedly informed his Greek counterpart in Moscow.
Public Vote and U-Turn
In July 2015, those punitive conditions were put to a public vote, a move that threw Europe into deeper existential crisis.
Even though the vote was won resoundingly by those who opposed the cuts, Tsipras was forced but to reject its outcome and agree to a bailout package from foreign lenders that turned out to be even harsher.
Breaking Point
The ex-PM claimed how he started questioning Varoufakis quite early on.
“Varoufakis was the public image of negotiation, the figure who attracted publicity, who graced the front pages of magazines the world over … he gave the impression he was enjoying his new role.”
After Varoufakis proposed a backup strategy that included establishing a parallel currency and issuing coupons to retirees, Tsipras knew that it was the end and asked him: “Is this for real?”
Lasting Rebuke
In the memoir, Tsipras concludes that Varoufakis demonstrated himself “unsuitable for a deal demanding complex and delicate management.”
Tsipras further wrote how Varoufakis's confrontational style left him increasingly isolated with colleagues, put Greece at risk, and helped hawks that were pushing for a Greek exit from the euro.
This account of history has been met with anger and shock among certain groups, whereas the former minister has kept a conspicuous quiet on the matter.
