In a recently unveiled autobiography, called Ithaki, the former prime minister Alexis Tsipras does not hold back as he revisits that turbulent era during Greece's financial crisis.
An Unconventional Choice
As per the ex-PM's recollections, Tsipras chose that maverick academic Yanis Varoufakis to be the finance minister mainly due to the latter's international reputation and Varoufakis's highly compelling abilities as a speaker.
“He was, truthfully, more like a celebrity and less of an economist,” recalled Tsipras.
Conflicting Agendas
The former leader claims that Varoufakis possessed his own agenda that included advancing his publications as well as experimenting with his own economic models using the nation rather than truly advocating its economic stability.
Tsipras explained that the negotiations to avoid insolvency became “not just a way of achieving a better deal for the country. They were a test, a monumental opportunity to demonstrate the truth of Varoufakis's ideas.”
Critical Negotiations
Amid tense discussions, Greece found itself dangerously close to leaving the single currency area.
At stake lay not only Greece's destiny and the punishing cutbacks demanded in return for financial aid from foreign lenders.
Unsuccessful Alternatives
Attempts to find financing elsewhere, including a desperate appeal to Russia to purchase Greek government bonds, fell on stony ground.
Assisting the indebted country was equivalent to tossing cash in the trash-can, the Russian leader reportedly informed Tsipras in Moscow.
Referendum and Reversal
That summer, the punitive conditions were put to a public vote, an action which threw the EU into a deeper existential crisis.
Although the referendum was won decisively by voters against the cuts, Tsipras had little option but to reject its outcome then negotiate a rescue deal with foreign lenders that proved to be more severe.
Final Straw
Tsipras revealed how he started questioning his finance minister relatively soon.
“Varoufakis was the public image of negotiation, the man who drew publicity, who graced the front pages of publications the world over … he gave the impression he relished the spotlight.”
After the minister proposed a backup strategy involving creating a parallel currency and issuing vouchers to retirees, Tsipras knew that it was game over and asked him: “Is this for real?”
Enduring Rebuke
Within the memoir, the author asserts how Varoufakis had proved himself “unsuitable for an agreement that required complex and sensitive management.”
Tsipras further claimed that Varoufakis's confrontational style left him more and more alone among peers, endangered the country, while helped hawks that were pushing for Grexit.
This retelling of events has been met with fury and shock in some quarters, whereas Varoufakis has maintained a conspicuous quiet regarding these claims.
