Within his newly released autobiography, called Ithaki, the ex- premier Alexis Tsipras spares no criticism while he revisits that chaotic period during Greece's financial crisis.
A Controversial Choice
According to Tsipras's account, he chose that maverick academic Yanis Varoufakis as the finance minister primarily due to his international reputation along with Varoufakis's “extremely attractive” skills as a public orator.
“He was, truthfully, more like a star and less of an economist,” recalled the 51-year-old.
Clashing Priorities
Tsipras claims that Varoufakis possessed a personal agenda that involved advancing Varoufakis's publications as well as experimenting with his own economic models on the nation instead of truly fighting for its economic stability.
Tsipras explained that the negotiations to stave off bankruptcy were “not just a method to secure a better deal for the country. They were an experiment, a monumental chance to prove the truth of Varoufakis's theories.”
Critical Negotiations
During volatile negotiations, Greece found itself perilously close to leaving the single currency area.
On the line was both Greece's future but also those punishing austerity policies required in return for bailout funds from international creditors.
Unsuccessful Alternatives
Attempts to secure funds elsewhere, including a desperate appeal to the Kremlin to buy Greek bonds, were rejected.
Helping the indebted country would be tantamount to throwing money into the garbage, Putin reportedly informed Tsipras in Moscow.
Public Vote Followed by U-Turn
In July 2015, the harsh bailout terms were put to a popular referendum, an action which plunged the EU into a deeper existential crisis.
Although the referendum was won decisively by those who opposed the cuts, Tsipras had little option but to ignore the result then negotiate a rescue deal from creditors that turned out to be more severe.
Breaking Point
Tsipras revealed how he began to doubt Varoufakis relatively soon.
“Varoufakis was the public image of negotiation, the man who attracted publicity, who appeared on the covers of magazines the world over … he gave the impression he relished the spotlight.”
After Varoufakis proposed a backup strategy involving creating a parallel currency and distributing vouchers to pensioners, the leader said he realised that it was the end and asked Varoufakis: “Are you serious?”
Enduring Rebuke
In the memoir, Tsipras asserts that his former ally demonstrated himself “unsuitable for a deal demanding intricate and sensitive handling.”
He also wrote how Varoufakis's aggressive approach made him increasingly isolated among peers, endangered the country, and assisted hawks who were advocating Grexit.
This account of events has provoked fury and stunned disbelief among certain groups, while the former minister has so far maintained a deafening silence on the matter.
