In a recently unveiled autobiography, named Ithaki, the former prime minister Alexis Tsipras spares no criticism while he examines the chaotic period of Greece's debt drama.
An Unconventional Choice
According to the ex-PM's recollections, he chose the unorthodox academic Yanis Varoufakis to be his finance minister mainly due to his global profile and his highly compelling skills as a speaker.
“He was, truthfully, more like a celebrity rather than an economic expert,” wrote the 51-year-old.
Conflicting Agendas
Tsipras alleges that his finance chief possessed a personal motives which involved advancing Varoufakis's publications as well as experimenting with his game theories on Greece rather than truly advocating its economic stability.
Tsipras noted that the negotiations to prevent bankruptcy were “not only a method to secure a better deal for the country. They became a test, an historic chance to demonstrate the truth of his ideas.”
High-Stakes Talks
During rollercoaster negotiations, the country came dangerously close to leaving the single currency area.
On the line lay not only Greece's destiny and the severe austerity policies demanded in return for rescue loans by international creditors.
Unsuccessful Alternatives
Efforts to find financing elsewhere, such as an urgent plea to the Kremlin to buy Greek government bonds, fell on stony ground.
Helping the indebted country would be equivalent to tossing cash into the garbage, Putin is reputed to have informed Tsipras in Moscow.
Referendum Followed by Reversal
In July 2015, those punitive bailout terms were subjected to a public vote, a move which threw Europe into further existential crisis.
Even though the referendum was won decisively by those who opposed the cuts, Tsipras was forced but to ignore the result then negotiate a rescue deal from foreign lenders which proved to be tougher.
Final Straw
The ex-PM revealed how he began to doubt his finance minister quite early on.
“Varoufakis was the public image of negotiation, the man who attracted media attention, who graced the covers of publications globally … it seemed he was enjoying his new role.”
When the minister proposed a backup strategy involving creating a secondary currency and issuing coupons to pensioners, Tsipras said he realised it was game over and asked him: “Is this for real?”
Enduring Criticism
Within the book, the author concludes how Varoufakis had proved himself to be “unsuitable for an agreement that required intricate and delicate handling.”
He also wrote how Varoufakis's aggressive approach made him more and more alone with colleagues, endangered the country, while helped hardliners who were pushing for a Greek exit from the euro.
This retelling of events has been met with fury and shock among certain groups, whereas the former minister has so far maintained a deafening silence on the matter.
