In a recently unveiled autobiography, called Ithaki, the former leader Alexis Tsipras spares no criticism while he revisits that turbulent era during Greece's debt drama.
An Unconventional Appointment
In the ex-PM's version, Tsipras selected that maverick economist Yanis Varoufakis to be his finance minister largely due to the latter's worldwide fame along with his very persuasive abilities when it came to public orator.
“In reality, he was, in reality, more of a celebrity and less of an economist,” stated the 51-year-old.
Conflicting Priorities
The former leader alleges how Varoufakis possessed a personal agenda which included advancing his books and testing out his economic models using Greece instead of genuinely advocating the country's economic stability.
He wrote that those negotiations to avoid insolvency became “not just a way to secure improved terms for Greece. They were a test, a monumental chance to demonstrate the validity of Varoufakis's theories.”
High-Stakes Talks
During rollercoaster discussions, the country found itself perilously close to leaving the eurozone.
At stake was both the country's future but also the harsh austerity measures demanded in exchange for financial aid from foreign lenders.
Failed Alternatives
Attempts to find funds from other sources, such as an urgent plea to the Kremlin to purchase Greek bonds, fell on stony ground.
Helping the indebted country was tantamount to throwing money into the garbage, Putin reportedly informed Tsipras in Moscow.
Public Vote Followed by U-Turn
That summer, the excoriating bailout terms were put to a popular referendum, an action which plunged the EU into a further crisis of identity.
Although the referendum was carried decisively by voters against the cuts, Tsipras was forced but to ignore the result then agree to a rescue deal from creditors that turned out to be more severe.
Final Straw
Tsipras revealed that he began to doubt his finance minister relatively soon.
“Varoufakis was the public image of the talks, the man who attracted media attention, who appeared on the front pages of magazines globally … he gave the impression he was enjoying his new role.”
When Varoufakis outlined a backup strategy that included creating a parallel currency as well as distributing vouchers to retirees, the leader knew that it was the end and asked Varoufakis: “Can you be serious?”
Enduring Rebuke
In the book, the author concludes that Varoufakis demonstrated himself to be “unfit for a deal demanding intricate and sensitive handling.”
He also wrote that Varoufakis's aggressive approach made him more and more alone with colleagues, put Greece at risk, and helped hawks that were pushing for Grexit.
This account of events has provoked anger and shock among certain groups, while the former minister has maintained a deafening silence on the matter.
