Within his freshly published autobiography, titled Ithaki, the ex- prime minister Alexis Tsipras pulls no punches as he reflects on the chaotic era of Greece's financial crisis.
An Unconventional Appointment
According to the ex-PM's recollections, he appointed that unorthodox academic Yanis Varoufakis to be the treasury head primarily because of the latter's worldwide fame and his “extremely attractive” abilities when it came to public orator.
“He was, actually, more of a celebrity and less of an economic expert,” wrote the 51-year-old.
Clashing Priorities
Tsipras claims that Varoufakis had a personal motives that involved advancing Varoufakis's books as well as testing out his game theories on the nation rather than truly fighting for its financial survival.
He explained that those talks to prevent insolvency were “not just a method to secure improved terms for the country. They were a test, a monumental opportunity to demonstrate the truth of Varoufakis's economic theories.”
High-Stakes Negotiations
During tense discussions, the country found itself dangerously close to exiting the single currency area.
At stake lay not only the country's future but also the severe austerity measures required in return for rescue loans from international creditors.
Unsuccessful Alternatives
Efforts to find financing from other sources, such as a desperate appeal to the Kremlin to purchase Greek bonds, were rejected.
Helping the indebted country would be equivalent to tossing cash into the garbage, the Russian leader is reputed to have informed Tsipras in Moscow.
Referendum and Reversal
In July 2015, those punitive bailout terms were put to a public vote, a move that plunged Europe into a further crisis of identity.
Even though the vote was carried resoundingly by voters who opposed the cuts, Tsipras was forced but to reject its outcome then negotiate a bailout package from foreign lenders which turned out to be tougher.
Final Straw
The ex-PM revealed that he started questioning Varoufakis quite early on.
“He was the public image of negotiation, the figure who drew publicity, who graced the front pages of publications the world over … he gave the impression he was enjoying the spotlight.”
When Varoufakis proposed a backup strategy that included creating a secondary currency as well as issuing vouchers to retirees, the leader said he realised it was the end and asked Varoufakis: “Can you be serious?”
Enduring Rebuke
In the memoir, Tsipras asserts how his former ally demonstrated himself to be “unfit for an agreement demanding intricate and sensitive handling.”
He further claimed that Varoufakis's confrontational approach made him increasingly isolated with colleagues, put Greece at risk, and assisted hawks that were pushing for a Greek exit from the euro.
This retelling of history has provoked fury along with shock among certain groups, whereas the former minister has kept a conspicuous quiet on the matter.
