Within his newly released autobiography, called Ithaki, the ex- premier Alexis Tsipras spares no criticism as he examines the turbulent era of Greece's economic turmoil.
An Unconventional Choice
According to Tsipras's version, he selected that maverick economist Yanis Varoufakis to be the treasury head primarily due to his worldwide fame along with his highly compelling skills as a speaker.
“In reality, he was, in reality, more of a personality rather than an economist,” wrote the 51-year-old.
Conflicting Agendas
Tsipras claims how Varoufakis had his own agenda which included advancing his books and testing out his own game theories on the nation rather than genuinely advocating its economic stability.
He wrote that the talks to prevent insolvency became “not just a way of achieving a better deal for the country. They were an experiment, an historic opportunity to demonstrate the truth of Varoufakis's economic theories.”
High-Stakes Negotiations
During tense negotiations, the country found itself perilously close to exiting the single currency area.
At stake was not only Greece's future and those severe cutbacks demanded in return for bailout funds by international creditors.
Failed Alternatives
Attempts to find financing elsewhere, such as an urgent appeal to Russia to purchase Greek government bonds, went unanswered.
Assisting the indebted country would be equivalent to throwing money into the garbage, Putin is reputed to have told his Greek counterpart in Moscow.
Referendum Followed by U-Turn
That summer, the excoriating bailout terms were put to a popular referendum, an action which plunged Europe into deeper crisis of identity.
Even though the referendum was carried decisively by voters who opposed austerity, Tsipras had little option but to ignore the result and negotiate a bailout package from foreign lenders that turned out to be tougher.
Breaking Point
The ex-PM revealed that he began to doubt Varoufakis quite early on.
“He was the face of the talks, the man who attracted media attention, who appeared on the covers of publications globally … he gave the impression he relished his new role.”
When the minister proposed a backup strategy that included establishing a secondary currency as well as issuing vouchers to retirees, Tsipras knew it was the end and asked Varoufakis: “Are you serious?”
Enduring Criticism
In the memoir, the author asserts that Varoufakis had proved himself to be “unsuitable for a deal demanding complex and sensitive handling.”
Tsipras also claimed how his confrontational style left him increasingly isolated among peers, endangered the country, while helped hardliners that were pushing for Grexit.
The account of events has provoked fury and stunned disbelief among certain groups, while the former minister has maintained a deafening silence on the matter.
