In a recently unveiled autobiography, called Ithaki, the former premier Alexis Tsipras does not hold back while he examines the chaotic era of Greece's debt drama.
A Controversial Choice
According to Tsipras's version, he selected that maverick academic Yanis Varoufakis as the treasury head largely due to the latter's worldwide fame and his highly compelling abilities when it came to public orator.
“He was, actually, more of a celebrity and less of an economist,” wrote Tsipras.
Clashing Agendas
The former leader suggests that his finance chief had a personal agenda which included promoting Varoufakis's books and experimenting with his own economic models using Greece rather than genuinely advocating its financial survival.
He wrote that the negotiations to prevent insolvency became “not only a way to secure improved terms for the country. They were a test, an historic chance to demonstrate the truth of Varoufakis's theories.”
High-Stakes Talks
During rollercoaster discussions, Greece came perilously close to exiting the single currency area.
At stake lay both the country's destiny and those severe austerity measures demanded in return for bailout funds from international creditors.
Failed Alternatives
Attempts to secure funds from other sources, such as an urgent appeal to the Kremlin to buy Greek government bonds, went unanswered.
Helping Greece was equivalent to throwing money in the trash-can, Putin is reputed to have told his Greek counterpart during their meeting.
Public Vote and Reversal
In July 2015, those punitive conditions were put to a popular referendum, an action which threw Europe into deeper existential crisis.
Although the vote was won resoundingly by those against austerity, Tsipras had little option to ignore the result and agree to a bailout package with creditors which proved to be more severe.
Final Straw
Tsipras revealed that he began to doubt his finance minister quite early on.
“He was the public image of negotiation, the man who drew media attention, who appeared on the covers of publications the world over … it seemed he was enjoying his new role.”
After the minister outlined a backup strategy that included creating a parallel currency as well as issuing vouchers to retirees, the leader knew it was game over and asked him: “Are you serious?”
Enduring Criticism
Within the memoir, the author concludes that Varoufakis demonstrated himself to be “unfit for a deal demanding intricate and sensitive management.”
He further wrote that Varoufakis's aggressive approach left him increasingly isolated with colleagues, endangered the country, while assisted hawks who were advocating a Greek exit from the euro.
The retelling of history has been met with anger along with stunned disbelief in some quarters, whereas Varoufakis has kept a deafening silence on the matter.
