Within his recently unveiled autobiography, titled Ithaki, the former prime minister Alexis Tsipras does not hold back as he examines that turbulent period of Greece's financial crisis.
An Unconventional Choice
In Tsipras's recollections, he selected the maverick academic Yanis Varoufakis as the treasury head largely because of his global profile along with his very persuasive abilities when it came to communicator.
“He was, in reality, more like a star and less of an economist,” stated Tsipras.
Conflicting Priorities
Tsipras suggests how his finance chief possessed a personal agenda that included advancing his publications and testing out his own theories on the nation rather than truly fighting for its financial survival.
He noted that those talks to stave off insolvency were “not only a method to secure a better deal for Greece. They were a test, an historic opportunity to prove the truth of Varoufakis's economic theories.”
High-Stakes Talks
During volatile negotiations, Greece found itself perilously on the brink of leaving the eurozone.
On the line was not only Greece's future and the severe austerity measures demanded in exchange for financial aid by foreign lenders.
Unsuccessful Options
Efforts to find funds from other sources, including an urgent plea to Russia to buy Greek government bonds, went unanswered.
Helping Greece would be equivalent to tossing cash in the trash-can, Putin is reputed to have told his Greek counterpart during their meeting.
Public Vote Followed by Reversal
In July 2015, the harsh conditions were subjected to a public vote, an action which plunged Europe into a further existential crisis.
Even though the vote was won decisively by voters who opposed the cuts, the prime minister was forced but to ignore the result and agree to a rescue deal from creditors which proved to be more severe.
Final Straw
Tsipras revealed that he started questioning Varoufakis relatively soon.
“He was the public image of negotiation, the figure who drew publicity, who graced the front pages of publications the world over … it seemed he relished the spotlight.”
After the minister outlined a contingency plan that included creating a parallel currency and issuing coupons to pensioners, Tsipras said he realised it was game over questioning him: “Can you be serious?”
Lasting Criticism
In the book, Tsipras concludes that his former ally demonstrated himself “unsuitable for an agreement demanding intricate and sensitive management.”
He also wrote how his aggressive style made him more and more alone among peers, put Greece at risk, while helped hawks that were advocating a Greek exit from the euro.
This account of events has provoked anger and shock in some quarters, while Varoufakis has so far maintained a conspicuous quiet on the matter.
