Within his freshly published autobiography, called Ithaki, the former leader Alexis Tsipras pulls no punches while he examines the chaotic period of Greece's debt drama.
A Controversial Appointment
In the ex-PM's recollections, Tsipras selected that unorthodox academic Yanis Varoufakis to be the finance minister primarily due to the latter's international reputation along with Varoufakis's highly compelling abilities when it came to public orator.
“He was, in reality, more like a personality and less of an economic expert,” stated the 51-year-old.
Conflicting Priorities
The former leader alleges that his finance chief possessed a personal motives that included advancing his publications and testing out his own economic models on the nation rather than genuinely advocating the country's economic stability.
Tsipras wrote that those negotiations to avoid bankruptcy were “not only a method of achieving a better deal for the country. They became a test, a monumental opportunity to prove the truth of Varoufakis's economic theories.”
Critical Negotiations
During tense discussions, Greece found itself dangerously close to leaving the single currency area.
At stake was both Greece's future but also the severe austerity measures demanded in return for financial aid by international creditors.
Unsuccessful Alternatives
Efforts to secure financing from other sources, such as a desperate plea to the Kremlin to buy Greek bonds, fell on stony ground.
Assisting the indebted country would be tantamount to tossing cash in the trash-can, Putin is reputed to have informed his Greek counterpart in Moscow.
Referendum Followed by U-Turn
That summer, those excoriating bailout terms were subjected to a public vote, an action which plunged Europe into a further existential crisis.
Even though the referendum was carried decisively by those against austerity, the prime minister was forced but to ignore the result and agree to a rescue deal from creditors which turned out to be tougher.
Final Straw
The ex-PM claimed how he started questioning Varoufakis quite early on.
“Varoufakis was the public image of the talks, the man who attracted media attention, who appeared on the front pages of publications globally … he gave the impression he relished his new role.”
When the minister proposed a contingency plan involving establishing a parallel currency as well as issuing vouchers to pensioners, the leader knew that it was game over and asked Varoufakis: “Are you serious?”
Lasting Criticism
In the memoir, the author asserts how Varoufakis demonstrated himself to be “unfit for a deal demanding intricate and sensitive management.”
He also wrote how Varoufakis's confrontational approach made him more and more alone among peers, put Greece at risk, while helped hawks that were pushing for a Greek exit from the euro.
This retelling of history has provoked anger along with shock among certain groups, whereas the former minister has kept a deafening silence on the matter.