Within his recently unveiled autobiography, titled Ithaki, the former prime minister Alexis Tsipras pulls no punches as he revisits that chaotic era of Greece's debt drama.
An Unconventional Appointment
According to Tsipras's version, he selected that maverick economist Yanis Varoufakis as the finance minister mainly because of his international reputation and his highly compelling abilities as a public orator.
“In reality, he was, actually, more like a star and less of an economic expert,” wrote the 51-year-old.
Clashing Priorities
The former leader suggests how his finance chief possessed a personal agenda that involved promoting his books as well as testing out his own game theories on Greece rather than genuinely advocating its financial survival.
He wrote how those talks to stave off insolvency were “not just a method to secure a better deal for Greece. They were an experiment, a monumental chance to demonstrate the validity of his theories.”
High-Stakes Negotiations
Amid tense discussions, Greece came dangerously close to leaving the single currency area.
At stake lay not only the country's destiny and those severe austerity policies required in exchange for rescue loans from international creditors.
Failed Options
Efforts to find funds from other sources, such as an urgent appeal to the Kremlin to purchase Greek bonds, went unanswered.
Assisting Greece was equivalent to throwing money in the trash-can, Putin reportedly informed Tsipras during their meeting.
Referendum and U-Turn
That summer, the excoriating bailout terms were subjected to a popular referendum, an action which plunged Europe into a further existential crisis.
Even though the referendum was won decisively by those who opposed austerity, Tsipras was forced but to ignore the result then negotiate a bailout package with creditors which proved to be tougher.
Final Straw
Tsipras revealed that he started questioning Varoufakis quite early on.
“He was the face of the talks, the man who drew media attention, who graced the covers of magazines globally … it seemed he was enjoying the spotlight.”
After Varoufakis proposed a contingency plan involving creating a parallel currency as well as issuing coupons to pensioners, the leader knew it was game over and asked him: “Is this for real?”
Lasting Criticism
In the memoir, Tsipras concludes that his former ally had proved himself “unsuitable for an agreement demanding intricate and sensitive management.”
Tsipras also claimed that Varoufakis's confrontational approach made him increasingly isolated among peers, endangered the country, while assisted hardliners that were advocating Grexit.
The account of history has provoked fury and shock in some quarters, whereas Varoufakis has kept a deafening silence on the matter.
