Within his recently unveiled autobiography, titled Ithaki, the former leader Alexis Tsipras spares no criticism as he revisits that chaotic period during Greece's debt drama.
An Unconventional Choice
In Tsipras's version, Tsipras selected that maverick economist Yanis Varoufakis as his treasury head primarily because of his international reputation and his highly compelling skills when it came to speaker.
“In reality, he was, actually, more of a personality rather than an economist,” recalled the 51-year-old.
Clashing Agendas
The former leader alleges that Varoufakis had a personal motives that involved promoting Varoufakis's books and experimenting with his own economic models on the nation rather than genuinely fighting for the country's financial survival.
Tsipras wrote that the discussions to stave off bankruptcy became “not just a way of achieving a better deal for Greece. They were an experiment, an historic chance to demonstrate the truth of his economic theories.”
Critical Negotiations
Amid rollercoaster discussions, the country found itself perilously close to exiting the single currency area.
At stake was not only the country's destiny and the punishing austerity measures required in exchange for financial aid from international creditors.
Failed Alternatives
Efforts to find funds from other sources, such as a desperate plea to the Kremlin to purchase Greek government bonds, went unanswered.
Assisting the indebted country would be tantamount to throwing money in the trash-can, Putin reportedly told Tsipras during their meeting.
Public Vote and Reversal
In July 2015, the punitive bailout terms were subjected to a popular referendum, a move which plunged the EU into further crisis of identity.
Even though the referendum was carried decisively by voters who opposed the cuts, the prime minister had little option but to reject its outcome then negotiate a bailout package with creditors that proved to be even harsher.
Breaking Point
Tsipras revealed that he started questioning his finance minister relatively soon.
“He was the public image of the talks, the man who drew media attention, who graced the covers of magazines the world over … it seemed he was enjoying the spotlight.”
After the minister proposed a backup strategy that included creating a secondary currency and issuing coupons to pensioners, the leader knew that it was the end and asked him: “Are you serious?”
Enduring Criticism
Within the book, the author concludes that his former ally had proved himself to be “unsuitable for a deal that required complex and delicate handling.”
He further wrote that Varoufakis's confrontational style left him more and more alone among peers, endangered the country, and helped hardliners who were pushing for Grexit.
The account of history has been met with fury along with shock among certain groups, whereas the former minister has kept a deafening silence on the matter.
