Within his recently unveiled autobiography, titled Ithaki, the former leader Alexis Tsipras spares no criticism while he examines the turbulent era during Greece's financial crisis.
An Unconventional Choice
As per Tsipras's recollections, he appointed the maverick economist Yanis Varoufakis to be the treasury head largely due to his international reputation along with his very persuasive abilities as a speaker.
“He was, truthfully, more like a celebrity rather than an economic expert,” wrote Tsipras.
Clashing Priorities
The former leader suggests how his finance chief had his own motives that included advancing Varoufakis's books and experimenting with his economic models on Greece rather than genuinely fighting for its financial survival.
He explained how the discussions to stave off insolvency were “not just a method to secure improved terms for the country. They were a test, an historic chance to demonstrate the validity of his ideas.”
High-Stakes Negotiations
Amid volatile discussions, Greece came dangerously close to exiting the eurozone.
At stake lay both Greece's destiny and those severe cutbacks required in exchange for bailout funds by foreign lenders.
Unsuccessful Options
Attempts to find funds from other sources, such as an urgent plea to the Kremlin to buy Greek government bonds, were rejected.
Helping Greece was equivalent to throwing money in the trash-can, the Russian leader is reputed to have told Tsipras during their meeting.
Referendum and U-Turn
That summer, those punitive bailout terms were put to a popular referendum, a move that plunged the EU into a further crisis of identity.
Although the referendum was won decisively by those who opposed austerity, the prime minister was forced but to ignore the result then negotiate a bailout package with foreign lenders which turned out to be tougher.
Breaking Point
The ex-PM revealed how he started questioning his finance minister quite early on.
“He was the face of negotiation, the man who drew publicity, who appeared on the front pages of publications globally … it seemed he relished the spotlight.”
When Varoufakis proposed a contingency plan involving creating a parallel currency and issuing vouchers to pensioners, Tsipras knew that it was game over and asked him: “Is this for real?”
Enduring Criticism
In the book, the author asserts that his former ally demonstrated himself to be “unfit for an agreement demanding complex and sensitive management.”
He also claimed how his aggressive style left him more and more alone among peers, endangered the country, and assisted hawks that were advocating Grexit.
This account of events has been met with anger along with stunned disbelief in some quarters, whereas Varoufakis has maintained a deafening silence regarding these claims.
