In a freshly published autobiography, named Ithaki, the ex- premier Alexis Tsipras pulls no punches while he revisits the chaotic period of Greece's economic turmoil.
An Unconventional Appointment
In Tsipras's recollections, Tsipras selected that unorthodox economist Yanis Varoufakis as his treasury head mainly due to the latter's worldwide fame along with his highly compelling abilities as a public orator.
“In reality, he was, actually, more of a personality rather than an economic expert,” recalled Tsipras.
Conflicting Agendas
The former leader claims how Varoufakis possessed his own motives which involved promoting Varoufakis's publications as well as testing out his economic models on the nation rather than genuinely advocating the country's financial survival.
Tsipras explained how the negotiations to prevent bankruptcy were “not only a way to secure improved terms for Greece. They were an experiment, a monumental opportunity to prove the validity of Varoufakis's theories.”
Critical Negotiations
Amid tense negotiations, the country found itself dangerously close to exiting the eurozone.
At stake lay both the country's future but also those severe austerity measures required in exchange for bailout funds by foreign lenders.
Failed Options
Attempts to find funds elsewhere, such as an urgent plea to Russia to buy Greek government bonds, fell on stony ground.
Helping Greece would be tantamount to throwing money into the garbage, the Russian leader is reputed to have informed Tsipras during their meeting.
Referendum and U-Turn
That summer, the harsh conditions were put to a popular referendum, a move which threw the EU into a deeper crisis of identity.
Although the vote was won resoundingly by those who opposed austerity, Tsipras had little option to ignore the result and agree to a bailout package from creditors which turned out to be tougher.
Final Straw
Tsipras claimed how he began to doubt his finance minister quite early on.
“Varoufakis was the face of negotiation, the figure who attracted media attention, who appeared on the covers of magazines the world over … it seemed he was enjoying the spotlight.”
After Varoufakis outlined a backup strategy involving establishing a secondary currency as well as distributing vouchers to pensioners, Tsipras knew it was game over questioning Varoufakis: “Can you be serious?”
Lasting Criticism
In the book, Tsipras asserts that Varoufakis had proved himself “unfit for a deal that required intricate and delicate management.”
He also wrote that Varoufakis's confrontational approach made him increasingly isolated among peers, put Greece at risk, and assisted hawks that were pushing for a Greek exit from the euro.
The account of history has provoked anger along with stunned disbelief among certain groups, whereas the former minister has so far maintained a conspicuous quiet on the matter.