In a newly released autobiography, titled Ithaki, the former prime minister Alexis Tsipras does not hold back as he examines that turbulent period of Greece's economic turmoil.
An Unconventional Choice
In Tsipras's account, Tsipras appointed that unorthodox academic Yanis Varoufakis to be his finance minister primarily due to his worldwide fame along with Varoufakis's highly compelling skills when it came to speaker.
“In reality, he was, truthfully, more like a celebrity rather than an economist,” stated the 51-year-old.
Conflicting Agendas
The former leader alleges that Varoufakis had a personal motives which included promoting his publications as well as testing out his theories on Greece rather than truly fighting for its economic stability.
Tsipras explained that those discussions to prevent insolvency were “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 theories.”
High-Stakes Negotiations
Amid volatile discussions, Greece came dangerously on the brink of leaving the single currency area.
At stake lay both Greece's destiny and the severe austerity measures demanded in return for bailout funds from international creditors.
Unsuccessful Alternatives
Efforts to secure funds elsewhere, including a desperate appeal to the Kremlin to purchase Greek bonds, were rejected.
Assisting the indebted country was tantamount to tossing cash into the garbage, Putin is reputed to have told Tsipras during their meeting.
Public Vote and U-Turn
That summer, the excoriating conditions were put to a popular referendum, an action that plunged the EU into a further crisis of identity.
Although the referendum was carried resoundingly by those who opposed austerity, Tsipras was forced to reject its outcome then negotiate a rescue deal with creditors which proved to be even harsher.
Final Straw
Tsipras revealed that he started questioning his finance minister relatively soon.
“Varoufakis was the face of negotiation, the man who attracted publicity, who graced the covers of publications the world over … he gave the impression he relished the spotlight.”
When Varoufakis proposed a contingency plan that included establishing a secondary currency and distributing coupons to retirees, the leader knew it was the end questioning Varoufakis: “Is this for real?”
Enduring Criticism
Within the memoir, the author asserts how Varoufakis had proved himself to be “unfit for an agreement that required intricate and sensitive handling.”
Tsipras also wrote that Varoufakis's aggressive approach made him increasingly isolated among peers, put Greece at risk, while assisted hardliners who were pushing for Grexit.
The retelling of history has been met with anger and shock in some quarters, whereas Varoufakis has maintained a deafening silence on the matter.
