In a newly released autobiography, called Ithaki, the ex- prime minister Alexis Tsipras does not hold back as he reflects on that chaotic period during Greece's financial crisis.
A Controversial Appointment
As per Tsipras's version, Tsipras chose the unorthodox academic Yanis Varoufakis to be the finance minister mainly because of the latter's international reputation and Varoufakis's very persuasive abilities as a speaker.
“He was, actually, more of a personality rather than an economic expert,” stated the 51-year-old.
Clashing Agendas
The former leader claims how his finance chief possessed his own agenda that included advancing Varoufakis's books as well as experimenting with his theories on Greece instead of truly fighting for the country's economic stability.
Tsipras noted how those talks to prevent insolvency were “not only a way of achieving improved terms for the country. They were an experiment, a monumental opportunity to prove the truth of his ideas.”
High-Stakes Negotiations
During volatile negotiations, Greece came perilously close to exiting the eurozone.
At stake lay both the country's destiny and the harsh austerity policies required in exchange for rescue loans by foreign lenders.
Unsuccessful Options
Attempts to find funds elsewhere, such as a desperate appeal to Russia to buy Greek government bonds, went unanswered.
Helping Greece was tantamount to tossing cash into the garbage, the Russian leader reportedly told Tsipras in Moscow.
Public Vote Followed by U-Turn
That summer, those punitive bailout terms were put to a popular referendum, a move which plunged Europe into deeper crisis of identity.
Although the vote was carried resoundingly by those who opposed the cuts, the prime minister was forced to ignore the result and negotiate a bailout package from creditors which proved to be more severe.
Breaking Point
Tsipras revealed that he started questioning Varoufakis quite early on.
“He was the face of negotiation, the man who drew media attention, who appeared on the covers of magazines globally … it seemed he relished the spotlight.”
When the minister proposed a backup strategy involving creating a parallel currency and issuing vouchers to retirees, the leader said he realised that it was game over and asked him: “Is this for real?”
Enduring Criticism
Within the book, the author concludes how his former ally had proved himself “unsuitable for a deal demanding intricate and delicate management.”
Tsipras further claimed that Varoufakis's confrontational style left him increasingly isolated with colleagues, endangered the country, and helped hardliners who were advocating a Greek exit from the euro.
The account of history has been met with fury and shock in some quarters, whereas the former minister has so far kept a deafening silence regarding these claims.
