In a newly released autobiography, named Ithaki, the ex- prime minister Alexis Tsipras pulls no punches while he reflects on the chaotic era during Greece's economic turmoil.
A Controversial Choice
According to Tsipras's version, Tsipras appointed that maverick academic Yanis Varoufakis as the treasury head primarily because of the latter's international reputation and Varoufakis's highly compelling abilities as a communicator.
“In reality, he was, in reality, more like a celebrity rather than an economist,” wrote Tsipras.
Conflicting Agendas
The former leader suggests that his finance chief had his own motives which included promoting Varoufakis's books and experimenting with his own game theories on Greece instead of truly fighting for its financial survival.
Tsipras explained how those discussions to avoid bankruptcy became “not just a way to secure improved terms for Greece. They were a test, an historic chance to demonstrate the validity of Varoufakis's economic theories.”
High-Stakes Negotiations
During tense discussions, the country came perilously close to exiting the single currency area.
At stake lay not only the country's destiny and the punishing austerity measures demanded in return for financial aid from foreign lenders.
Failed Options
Efforts to find funds elsewhere, including an urgent appeal to Russia to purchase Greek bonds, were rejected.
Assisting the indebted country would be tantamount to tossing cash into the garbage, Putin reportedly informed Tsipras during their meeting.
Referendum and Reversal
That summer, those excoriating conditions were subjected to a public vote, an action which plunged Europe into a further crisis of identity.
Although the referendum was carried resoundingly by those against austerity, Tsipras had little option to ignore the result then negotiate a rescue deal with creditors that turned out to be even harsher.
Final Straw
Tsipras revealed that he started questioning Varoufakis quite early on.
“Varoufakis was the public image of negotiation, the figure who drew media attention, who appeared on the front pages of magazines the world over … it seemed he was enjoying his new role.”
When Varoufakis outlined a backup strategy involving establishing a secondary currency and distributing vouchers to retirees, the leader knew that it was the end and asked him: “Can you be serious?”
Enduring Criticism
Within the memoir, Tsipras asserts that his former ally demonstrated himself “unsuitable for an agreement that required complex and delicate management.”
He also wrote how Varoufakis's confrontational approach left him increasingly isolated among peers, endangered the country, and helped hawks that were pushing for a Greek exit from the euro.
This retelling of history has provoked fury along with shock among certain groups, whereas Varoufakis has kept a conspicuous quiet regarding these claims.
