Within his recently unveiled autobiography, named Ithaki, the former premier Alexis Tsipras does not hold back while he reflects on that turbulent era during Greece's financial crisis.
A Controversial Appointment
In the ex-PM's version, Tsipras appointed the maverick academic Yanis Varoufakis to be the finance minister largely due to his worldwide fame along with Varoufakis's highly compelling abilities as a communicator.
“He was, actually, more like a celebrity rather than an economist,” recalled Tsipras.
Clashing Priorities
The former leader claims that Varoufakis had his own agenda that included promoting Varoufakis's publications and testing out his economic models using Greece instead of truly fighting for the country's financial survival.
Tsipras noted how the talks to prevent insolvency were “not just a method to secure a better deal for the country. They became a test, a monumental opportunity to prove the validity of his theories.”
Critical Talks
During rollercoaster discussions, the country found itself perilously close to exiting the single currency area.
On the line lay not only the country's destiny but also the harsh austerity policies demanded in return for bailout funds by foreign lenders.
Failed Options
Efforts to secure funds from other sources, including an urgent plea to the Kremlin to purchase Greek bonds, fell on stony ground.
Assisting Greece would be tantamount to throwing money into the garbage, Putin reportedly told Tsipras in Moscow.
Referendum and U-Turn
That summer, the excoriating bailout terms were subjected to a public vote, an action that plunged Europe into further existential crisis.
Although the vote was carried resoundingly by voters against the cuts, the prime minister had little option but to ignore the result and negotiate a rescue deal from foreign lenders that turned out to be even harsher.
Final Straw
The ex-PM revealed that he began to doubt Varoufakis relatively soon.
“He was the public image of the talks, the figure who drew media attention, who appeared on the front pages of magazines globally … it seemed he was enjoying his new role.”
After the minister proposed a backup strategy involving establishing a parallel currency and issuing coupons to retirees, the leader said he realised that it was the end and asked Varoufakis: “Is this for real?”
Enduring Criticism
Within the memoir, the author concludes how his former ally demonstrated himself “unfit for a deal demanding complex and delicate management.”
He also wrote that his confrontational style left him more and more alone with colleagues, endangered the country, and helped hawks who were pushing for Grexit.
This account of events has been met with anger and shock in some quarters, while the former minister has kept a conspicuous quiet on the matter.
