Within his newly released autobiography, titled Ithaki, the former leader Alexis Tsipras pulls no punches while he examines that chaotic period during Greece's economic turmoil.
An Unconventional Appointment
According to the ex-PM's account, he selected that maverick academic Yanis Varoufakis to be the treasury head mainly due to his worldwide fame and Varoufakis's very persuasive abilities when it came to public orator.
“He was, truthfully, more of a star and less of an economic expert,” wrote the 51-year-old.
Conflicting Agendas
Tsipras suggests how Varoufakis possessed his own agenda which included advancing Varoufakis's publications and experimenting with his game theories on the nation rather than genuinely fighting for the country's financial survival.
He wrote that the negotiations to stave off insolvency became “not just a way of achieving a better deal for the country. They became an experiment, an historic opportunity to demonstrate the truth of Varoufakis's theories.”
Critical Talks
Amid tense discussions, the country came perilously close to leaving the single currency area.
At stake lay both the country's destiny but also those punishing austerity measures demanded in return for financial aid from foreign lenders.
Unsuccessful Options
Efforts to secure financing elsewhere, such as a desperate plea to Russia to purchase Greek government bonds, went unanswered.
Helping the indebted country would be tantamount to tossing cash into the garbage, the Russian leader is reputed to have told his Greek counterpart during their meeting.
Referendum and U-Turn
That summer, those punitive conditions were put to a public vote, an action which plunged Europe into a further crisis of identity.
Although the vote was won resoundingly by those who opposed the cuts, Tsipras had little option but to ignore the result and negotiate a bailout package with foreign lenders which turned out to be more severe.
Final Straw
The ex-PM revealed how he began to doubt his finance minister relatively soon.
“He was the face of negotiation, the man who drew publicity, who graced the front pages of magazines the world over … it seemed he relished the spotlight.”
After Varoufakis outlined a backup strategy involving establishing a secondary currency and distributing coupons to retirees, the leader knew it was game over and asked him: “Can you be serious?”
Enduring Criticism
In the book, Tsipras concludes how Varoufakis had proved himself “unfit for an agreement that required complex and sensitive management.”
Tsipras further claimed that Varoufakis's confrontational style made him more and more alone among peers, endangered the country, and helped hawks that were advocating Grexit.
This retelling of history has been met with anger along with shock in some quarters, whereas Varoufakis has kept a deafening silence regarding these claims.
