In a recently unveiled autobiography, titled Ithaki, the ex- prime minister Alexis Tsipras pulls no punches while he revisits the chaotic era during Greece's debt drama.
An Unconventional Choice
According to the ex-PM's account, Tsipras appointed the unorthodox economist Yanis Varoufakis as the finance minister largely due to his global profile along with his very persuasive skills when it came to communicator.
“He was, truthfully, more of a personality and less of an economic expert,” stated the 51-year-old.
Conflicting Agendas
Tsipras alleges how his finance chief had his own motives that included advancing Varoufakis's books as well as experimenting with his theories on the nation rather than genuinely advocating its economic stability.
He explained that the negotiations to prevent insolvency were “not just a way of achieving a better deal for Greece. They became a test, an historic opportunity to demonstrate the validity of Varoufakis's theories.”
High-Stakes Negotiations
Amid tense negotiations, the country found itself dangerously close to exiting the eurozone.
On the line lay not only Greece's destiny and the harsh austerity policies demanded in return for bailout funds from international creditors.
Unsuccessful Options
Attempts to secure funds elsewhere, including a desperate appeal to Russia to purchase Greek bonds, went unanswered.
Assisting the indebted country would be equivalent to throwing money into the garbage, Putin reportedly told Tsipras during their meeting.
Public Vote and U-Turn
That summer, the punitive conditions were subjected to a public vote, a move that plunged the EU into a deeper existential crisis.
Although the vote was carried resoundingly by voters against austerity, Tsipras had little option but to ignore the result then agree to a rescue deal with foreign lenders that turned out to be more severe.
Final Straw
Tsipras revealed that he started questioning his finance minister quite early on.
“He was the face of negotiation, the figure who attracted media attention, who appeared on the front pages of magazines the world over … he gave the impression he relished his new role.”
When the minister proposed a contingency plan involving establishing a secondary currency and issuing vouchers to pensioners, Tsipras knew it was game over questioning Varoufakis: “Is this for real?”
Lasting Criticism
Within the book, the author asserts how his former ally had proved himself to be “unsuitable for a deal that required complex and delicate handling.”
He further claimed how Varoufakis's confrontational style left him increasingly isolated among peers, put Greece at risk, and assisted hawks who were advocating a Greek exit from the euro.
This account of events has provoked fury along with shock in some quarters, whereas the former minister has kept a conspicuous quiet regarding these claims.
