In a recently unveiled autobiography, titled Ithaki, the former premier Alexis Tsipras pulls no punches as he examines that chaotic era during Greece's financial crisis.
A Controversial Appointment
As per Tsipras's recollections, Tsipras selected that unorthodox economist Yanis Varoufakis to be his finance minister primarily due to the latter's international reputation and Varoufakis's very persuasive skills as a communicator.
“He was, truthfully, more of a celebrity rather than an economic expert,” stated the 51-year-old.
Conflicting Priorities
Tsipras suggests how Varoufakis possessed a personal agenda that included promoting his books as well as experimenting with his game theories using the nation instead of truly fighting for its economic stability.
Tsipras noted how the negotiations to prevent bankruptcy were “not only a way to secure improved terms for Greece. They were a test, an historic chance to prove the validity of Varoufakis's economic theories.”
Critical Negotiations
Amid rollercoaster discussions, the country found itself dangerously on the brink of leaving the single currency area.
At stake lay not only Greece's future but also those harsh cutbacks demanded in exchange for financial aid by international creditors.
Unsuccessful Alternatives
Attempts to find funds from other sources, such as an urgent appeal to Russia to purchase Greek government bonds, were rejected.
Helping Greece would be tantamount to tossing cash into the garbage, the Russian leader reportedly informed his Greek counterpart in Moscow.
Public Vote Followed by U-Turn
In July 2015, those punitive conditions were subjected to a popular referendum, a move that threw Europe into a further existential crisis.
Even though the vote was won resoundingly by voters who opposed austerity, the prime minister had little option to reject its outcome and negotiate a bailout package from creditors which turned out to be tougher.
Breaking Point
Tsipras revealed that he began to doubt his finance minister quite early on.
“He was the face of negotiation, the man who drew media attention, who graced the covers of magazines the world over … he gave the impression he was enjoying the spotlight.”
When the minister outlined a backup strategy that included establishing a secondary currency and issuing coupons to pensioners, the leader said he realised it was game over questioning Varoufakis: “Are you serious?”
Enduring Rebuke
In the book, Tsipras asserts that Varoufakis had proved himself to be “unfit for an agreement that required complex and sensitive management.”
Tsipras also wrote that his aggressive style made him increasingly isolated among peers, put Greece at risk, while assisted hawks that were pushing for a Greek exit from the euro.
This account of events has been met with anger and stunned disbelief among certain groups, while the former minister has so far kept a conspicuous quiet regarding these claims.
