Within his newly released autobiography, called Ithaki, the ex- prime minister Alexis Tsipras pulls no punches while he examines the chaotic period during Greece's debt drama.
An Unconventional Choice
In the ex-PM's version, Tsipras chose that maverick economist Yanis Varoufakis as the treasury head largely because of the latter's global profile along with his very persuasive skills as a communicator.
“He was, truthfully, more like a star and less of an economist,” recalled the 51-year-old.
Conflicting Priorities
Tsipras alleges how his finance chief had his own motives that involved advancing his publications as well as testing out his theories on the nation instead of truly fighting for the country's financial survival.
Tsipras noted how the talks to stave off insolvency were “not just a way of achieving improved terms for Greece. They were an experiment, an historic chance to demonstrate the validity of his economic theories.”
High-Stakes Negotiations
Amid volatile discussions, Greece came dangerously close to leaving the eurozone.
On the line lay both Greece's destiny and the severe cutbacks demanded in exchange for bailout funds from international creditors.
Failed Alternatives
Attempts to secure funds from other sources, including a desperate plea to the Kremlin to buy Greek bonds, went unanswered.
Helping Greece was equivalent to throwing money in the trash-can, the Russian leader is reputed to have told his Greek counterpart in Moscow.
Referendum and U-Turn
That summer, those punitive bailout terms were put to a popular referendum, an action that threw Europe into deeper crisis of identity.
Although the referendum was won decisively by voters against the cuts, Tsipras had little option to reject its outcome and agree to a bailout package with creditors that turned out to be more severe.
Final Straw
The ex-PM claimed how he began to doubt his finance minister relatively soon.
“Varoufakis was the face of negotiation, the man who drew media attention, who appeared on the covers of publications the world over … he gave the impression he relished his new role.”
After the minister proposed a contingency plan that included creating a secondary currency and distributing coupons to retirees, Tsipras knew that it was the end and asked Varoufakis: “Are you serious?”
Lasting Criticism
Within the book, Tsipras concludes that Varoufakis demonstrated himself to be “unfit for a deal demanding complex and delicate management.”
Tsipras further claimed how his confrontational approach left him more and more alone with colleagues, put Greece at risk, and assisted hawks who were advocating a Greek exit from the euro.
This account of history has provoked anger and shock in some quarters, whereas Varoufakis has kept a conspicuous quiet on the matter.
