In a newly released autobiography, titled Ithaki, the ex- leader Alexis Tsipras pulls no punches while he examines the turbulent era during Greece's financial crisis.
A Controversial Choice
As per Tsipras's version, he appointed that unorthodox economist Yanis Varoufakis to be his finance minister mainly because of his worldwide fame along with Varoufakis's very persuasive skills as a speaker.
“In reality, he was, in reality, more like a personality rather than an economist,” stated Tsipras.
Clashing Agendas
The former leader suggests that his finance chief possessed his own agenda that included advancing Varoufakis's books as well as experimenting with his own theories using Greece instead of truly advocating the country's economic stability.
He explained that those negotiations to avoid insolvency were “not just a way to secure improved terms for Greece. They were a test, a monumental opportunity to demonstrate the truth of his economic theories.”
High-Stakes Talks
Amid volatile negotiations, the country came dangerously on the brink of leaving the eurozone.
On the line lay not only Greece's destiny but also the severe austerity policies demanded in return for rescue loans by international creditors.
Failed Alternatives
Efforts to find funds from other sources, such as a desperate plea to Russia to buy Greek bonds, went unanswered.
Helping the indebted country would be equivalent to tossing cash into the garbage, the Russian leader reportedly told Tsipras during their meeting.
Public Vote Followed by U-Turn
That summer, those punitive bailout terms were put to a public vote, an action which threw the EU into a further existential crisis.
Although the referendum was won decisively by voters against the cuts, Tsipras was forced to reject its outcome and negotiate a rescue deal from foreign lenders which turned out to be more severe.
Final Straw
Tsipras revealed that he began to doubt his finance minister relatively soon.
“He was the face of negotiation, the figure who drew publicity, who graced the covers of magazines globally … it seemed he was enjoying his new role.”
When Varoufakis proposed a backup strategy that included creating a secondary currency and issuing coupons to pensioners, the leader knew that it was the end and asked him: “Is this for real?”
Lasting Criticism
In the memoir, Tsipras concludes how Varoufakis demonstrated himself to be “unsuitable for an agreement that required intricate and delicate management.”
Tsipras also wrote how his confrontational style made him increasingly isolated with colleagues, endangered the country, and assisted hardliners who were pushing for a Greek exit from the euro.
The retelling of events has provoked anger and stunned disbelief in some quarters, whereas Varoufakis has maintained a conspicuous quiet on the matter.