Within his recently unveiled autobiography, named Ithaki, the ex- leader Alexis Tsipras does not hold back as he revisits the chaotic era of Greece's debt drama.
An Unconventional Appointment
As per Tsipras's account, he selected the maverick economist Yanis Varoufakis as the finance minister largely due to the latter's global profile and his “extremely attractive” skills when it came to communicator.
“In reality, he was, actually, more of a star rather than an economist,” stated the 51-year-old.
Clashing Agendas
The former leader alleges that his finance chief possessed his own agenda which included advancing his books and testing out his economic models using the nation rather than genuinely advocating its financial survival.
Tsipras noted that those discussions to prevent bankruptcy were “not just a method to secure a better deal for the country. They were a test, a monumental chance to demonstrate the truth of Varoufakis's ideas.”
Critical Negotiations
Amid tense discussions, Greece came perilously on the brink of exiting the eurozone.
At stake lay both the country's future and those harsh austerity measures demanded in return for rescue loans by foreign lenders.
Failed Alternatives
Attempts to find financing elsewhere, such as an urgent appeal to Russia to buy Greek bonds, were rejected.
Assisting the indebted country was tantamount to throwing money into the garbage, Putin is reputed to have told his Greek counterpart in Moscow.
Public Vote Followed by U-Turn
That summer, those harsh bailout terms were put to a popular referendum, a move which threw the EU into a deeper existential crisis.
Although the vote was won decisively by voters against austerity, Tsipras was forced but to ignore the result and negotiate a rescue deal from foreign lenders that proved to be even harsher.
Breaking Point
The ex-PM revealed how he began to doubt Varoufakis quite early on.
“Varoufakis was the face of negotiation, the man who drew publicity, who graced the front pages of publications globally … he gave the impression he relished his new role.”
When Varoufakis proposed a contingency plan that included creating a parallel currency and distributing vouchers to retirees, Tsipras said he realised that it was the end and asked him: “Are you serious?”
Enduring Criticism
In the memoir, the author asserts that Varoufakis had proved himself to be “unfit for a deal demanding intricate and sensitive management.”
Tsipras further wrote that his confrontational style made him increasingly isolated with colleagues, put Greece at risk, while assisted hawks who were advocating a Greek exit from the euro.
This retelling of history has provoked fury and stunned disbelief in some quarters, while the former minister has kept a deafening silence regarding these claims.
