Within his newly released autobiography, titled Ithaki, the ex- leader Alexis Tsipras pulls no punches while he revisits the chaotic era during Greece's financial crisis.
A Controversial Choice
As per Tsipras's recollections, Tsipras appointed the unorthodox economist Yanis Varoufakis to be the treasury head largely because of the latter's international reputation and Varoufakis's “extremely attractive” abilities as a speaker.
“In reality, he was, in reality, more like a star rather than an economist,” stated Tsipras.
Clashing Priorities
The former leader suggests how Varoufakis had his own agenda that involved advancing Varoufakis's books and testing out his own economic models on the nation instead of truly advocating the country's financial survival.
He noted how the negotiations to prevent bankruptcy were “not only a way to secure a better deal for the country. They were a test, a monumental opportunity to prove the validity of his economic theories.”
High-Stakes Talks
Amid rollercoaster discussions, Greece came perilously on the brink of exiting the eurozone.
On the line was both the country's destiny and those punishing austerity measures demanded in return for bailout funds from international creditors.
Unsuccessful Options
Efforts to secure financing from other sources, including a desperate appeal to the Kremlin to buy Greek bonds, went unanswered.
Helping Greece was equivalent to tossing cash in the trash-can, the Russian leader reportedly told his Greek counterpart in Moscow.
Referendum and U-Turn
That summer, those punitive bailout terms were subjected to a public vote, a move which plunged Europe into a further crisis of identity.
Although the referendum was won resoundingly by voters who opposed austerity, Tsipras was forced to ignore the result then negotiate a bailout package with foreign lenders that proved to be tougher.
Final Straw
Tsipras claimed that he began to doubt his finance minister quite early on.
“Varoufakis was the public image of the talks, the man who attracted media attention, who appeared on the covers of magazines globally … he gave the impression he relished his new role.”
After the minister proposed a contingency plan involving creating a parallel currency as well as issuing vouchers to pensioners, the leader knew it was the end questioning him: “Is this for real?”
Lasting Criticism
Within the book, Tsipras concludes that Varoufakis demonstrated himself to be “unsuitable for an agreement that required intricate and sensitive management.”
Tsipras also wrote that Varoufakis's aggressive style left him increasingly isolated with colleagues, put Greece at risk, and assisted hardliners who were pushing for a Greek exit from the euro.
The retelling of events has been met with anger and stunned disbelief among certain groups, while the former minister has so far maintained a deafening silence on the matter.
