Within his recently unveiled autobiography, titled Ithaki, the former leader Alexis Tsipras pulls no punches while he revisits that chaotic era during Greece's debt drama.
An Unconventional Choice
As per the ex-PM's account, he selected that unorthodox academic Yanis Varoufakis to be his treasury head mainly due to his global profile along with Varoufakis's highly compelling skills as a public orator.
“In reality, he was, truthfully, more like a personality rather than an economist,” recalled the 51-year-old.
Clashing Agendas
The former leader claims that Varoufakis possessed his own motives that included advancing Varoufakis's publications and testing out his economic models using Greece instead of truly fighting for its financial survival.
Tsipras noted that those talks to prevent insolvency became “not only a method of achieving a better deal for the country. They became an experiment, a monumental opportunity to demonstrate the validity of his theories.”
High-Stakes Talks
Amid rollercoaster discussions, the country came dangerously on the brink of exiting the eurozone.
On the line was not only the country's destiny and those severe austerity policies required in exchange for rescue loans by foreign lenders.
Unsuccessful Options
Efforts to secure financing elsewhere, such as an urgent plea to Russia to purchase Greek government bonds, were rejected.
Helping Greece was tantamount to tossing cash in the trash-can, the Russian leader is reputed to have told his Greek counterpart during their meeting.
Public Vote and U-Turn
That summer, those harsh bailout terms were subjected to a popular referendum, a move that threw the EU into a further crisis of identity.
Although the referendum was won resoundingly by those against the cuts, the prime minister was forced to reject its outcome and negotiate a bailout package with foreign lenders which turned out to be even harsher.
Final Straw
The ex-PM claimed that he started questioning his finance minister quite early on.
“Varoufakis was the public image of the talks, the man who drew publicity, who appeared on the front pages of magazines the world over … it seemed he relished his new role.”
When Varoufakis proposed a contingency plan involving creating a secondary currency and distributing vouchers to pensioners, the leader knew that it was game over and asked him: “Is this for real?”
Lasting Rebuke
Within the book, Tsipras asserts that his former ally had proved himself “unsuitable for an agreement demanding intricate and delicate handling.”
Tsipras also wrote how Varoufakis's aggressive style made him increasingly isolated among peers, endangered the country, and assisted hardliners who were advocating Grexit.
This account of events has provoked fury along with stunned disbelief among certain groups, whereas Varoufakis has so far kept a deafening silence regarding these claims.
