Within his recently unveiled memoir, titled Ithaki, the former premier Alexis Tsipras does not hold back as he revisits that turbulent era during Greece's debt drama.
An Unconventional Choice
According to the ex-PM's version, he selected the unorthodox academic Yanis Varoufakis as his finance minister mainly due to the latter's global profile and his very persuasive abilities as a public orator.
“In reality, he was, in reality, more like a star rather than an economic expert,” wrote the 51-year-old.
Clashing Agendas
Tsipras suggests how Varoufakis possessed a personal motives which involved advancing his publications and testing out his game theories using Greece rather than genuinely fighting for its financial survival.
Tsipras wrote that those negotiations to stave off insolvency were “not only a method of achieving improved terms for the country. They became an experiment, a monumental chance to prove the validity of his ideas.”
Critical Talks
Amid volatile negotiations, the country came dangerously on the brink of leaving the single currency area.
At stake lay not only the country's destiny but also the punishing austerity measures demanded in return for bailout funds by foreign lenders.
Failed Options
Efforts to find financing elsewhere, including an urgent appeal to the Kremlin to purchase Greek bonds, went unanswered.
Helping Greece would be equivalent to throwing money into the garbage, the Russian leader is reputed to have informed his Greek counterpart during their meeting.
Public Vote and Reversal
That summer, those excoriating conditions were put to a popular referendum, a move which plunged the EU into a deeper existential crisis.
Although the vote was carried resoundingly by those against the cuts, Tsipras was forced to ignore the result and negotiate a rescue deal with creditors that turned out to be more severe.
Final Straw
Tsipras claimed that he started questioning Varoufakis relatively soon.
“He was the public image of the talks, the man who drew publicity, who appeared on the front pages of publications the world over … he gave the impression he relished the spotlight.”
When the minister outlined a backup strategy involving creating a secondary currency and distributing vouchers to pensioners, the leader knew it was the end questioning him: “Is this for real?”
Enduring Criticism
In the book, Tsipras asserts how Varoufakis had proved himself “unsuitable for a deal demanding complex and sensitive handling.”
He further claimed that Varoufakis's confrontational style left him increasingly isolated among peers, endangered the country, and assisted hawks who were pushing for a Greek exit from the euro.
The retelling of history has provoked anger and stunned disbelief in some quarters, while Varoufakis has so far kept a conspicuous quiet on the matter.
