Within his recently unveiled autobiography, called Ithaki, the former prime minister Alexis Tsipras does not hold back while he revisits that chaotic period of Greece's economic turmoil.
A Controversial Choice
In Tsipras's version, Tsipras chose the unorthodox academic Yanis Varoufakis to be the finance minister mainly due to the latter's worldwide fame along with his very persuasive abilities as a public orator.
“In reality, he was, actually, more like a star and less of an economist,” stated the 51-year-old.
Clashing Agendas
Tsipras suggests how Varoufakis had his own agenda which involved advancing Varoufakis's books and experimenting with his own game theories using Greece instead of truly fighting for the country's financial survival.
He noted how those discussions to prevent bankruptcy were “not only a way of achieving a better deal for the country. They were a test, a monumental opportunity to demonstrate the validity of his economic theories.”
High-Stakes Talks
During volatile discussions, the country found itself perilously close to exiting the single currency area.
On the line lay not only the country's future and the punishing cutbacks demanded in exchange for bailout funds from international creditors.
Unsuccessful Options
Attempts to secure financing elsewhere, such as a desperate appeal to Russia to purchase Greek government bonds, fell on stony ground.
Helping Greece would be tantamount to throwing money into the garbage, the Russian leader reportedly informed his Greek counterpart during their meeting.
Referendum and Reversal
That summer, the harsh bailout terms were put to a public vote, a move which threw Europe into a deeper crisis of identity.
Even though the vote was won resoundingly by voters who opposed the cuts, the prime minister was forced but to reject its outcome and agree to a bailout package with creditors that turned out to be even harsher.
Breaking Point
The ex-PM revealed how he started questioning his finance minister relatively soon.
“He was the public image of the talks, the man who attracted publicity, who graced the front pages of magazines globally … he gave the impression he was enjoying the spotlight.”
When the minister proposed a backup strategy that included establishing a parallel currency and issuing vouchers to retirees, the leader said he realised that it was the end questioning him: “Can you be serious?”
Lasting Rebuke
In the book, the author asserts that Varoufakis had proved himself to be “unfit for a deal demanding intricate and sensitive handling.”
Tsipras also wrote that Varoufakis's confrontational style left him increasingly isolated among peers, put Greece at risk, while helped hawks that were pushing for Grexit.
This retelling of events has been met with fury and stunned disbelief in some quarters, while Varoufakis has so far kept a conspicuous quiet regarding these claims.
