Within his recently unveiled autobiography, called Ithaki, the ex- prime minister Alexis Tsipras pulls no punches while he examines the chaotic era of Greece's economic turmoil.
A Controversial Appointment
In the ex-PM's recollections, Tsipras appointed the unorthodox economist Yanis Varoufakis as the finance minister largely due to his worldwide fame and his “extremely attractive” skills when it came to public orator.
“In reality, he was, truthfully, more of a personality and less of an economist,” stated the 51-year-old.
Clashing Agendas
The former leader alleges how his finance chief possessed his own motives which included advancing his publications as well as experimenting with his theories using the nation rather than genuinely advocating its financial survival.
Tsipras noted how those negotiations to prevent bankruptcy became “not just a way to secure a better deal for the country. They became a test, an historic chance to demonstrate the truth of his economic theories.”
Critical Negotiations
Amid rollercoaster discussions, Greece came perilously close to exiting the single currency area.
At stake was not only the country's destiny but also the punishing austerity measures required in exchange for bailout funds by international creditors.
Failed Alternatives
Attempts to find funds from other sources, such as a desperate appeal to Russia to purchase Greek bonds, were rejected.
Helping the indebted country would be tantamount to tossing cash into the garbage, Putin is reputed to have told Tsipras in Moscow.
Referendum and Reversal
That summer, the excoriating bailout terms were put to a popular referendum, an action that threw the EU into a further existential crisis.
Even though the referendum was carried resoundingly by voters against austerity, the prime minister was forced but to ignore the result then negotiate a bailout package with foreign lenders which proved to be even harsher.
Breaking Point
The ex-PM claimed that he began to doubt Varoufakis relatively soon.
“He was the public image of the talks, the man who attracted publicity, who graced the front pages of magazines the world over … it seemed he relished his new role.”
After the minister proposed a contingency plan that included establishing a secondary currency as well as issuing vouchers to pensioners, Tsipras said he realised it was the end and asked Varoufakis: “Are you serious?”
Lasting Rebuke
Within the book, Tsipras asserts that Varoufakis had proved himself to be “unfit for a deal demanding intricate and sensitive management.”
He further wrote how Varoufakis's confrontational approach made him more and more alone among peers, put Greece at risk, and helped hardliners who were advocating a Greek exit from the euro.
This account of events has provoked fury along with stunned disbelief in some quarters, while Varoufakis has kept a deafening silence on the matter.
