Within his newly released memoir, called Ithaki, the ex- premier Alexis Tsipras pulls no punches while he revisits the turbulent period during Greece's economic turmoil.
An Unconventional Choice
In the ex-PM's account, Tsipras selected that maverick economist Yanis Varoufakis as the treasury head largely due to the latter's global profile along with his “extremely attractive” skills as a speaker.
“He was, actually, more like a celebrity rather than an economist,” recalled Tsipras.
Clashing Agendas
Tsipras alleges that Varoufakis possessed his own motives that involved promoting his books and experimenting with his own game theories on the nation instead of truly advocating its financial survival.
Tsipras explained how the negotiations to stave off bankruptcy were “not just a way to secure improved terms for the country. They were a test, a monumental opportunity to demonstrate the truth of his theories.”
High-Stakes Talks
Amid volatile negotiations, the country came dangerously close to exiting the eurozone.
At stake was both Greece's future but also those severe cutbacks required in return for financial aid by foreign lenders.
Unsuccessful Alternatives
Attempts to find funds elsewhere, such as a desperate appeal to Russia to buy Greek government bonds, fell on stony ground.
Helping the indebted country would be tantamount to tossing cash in the trash-can, the Russian leader is reputed to have told his Greek counterpart in Moscow.
Public Vote and U-Turn
In July 2015, those harsh conditions were put to a popular referendum, a move which plunged the EU into a further crisis of identity.
Even though the referendum was won resoundingly by voters against austerity, Tsipras was forced but to ignore the result then negotiate a bailout package with creditors that proved to be even harsher.
Final Straw
The ex-PM claimed how he started questioning his finance minister relatively soon.
“Varoufakis was the face of the talks, the man who drew publicity, who appeared on the covers of magazines the world over … he gave the impression he relished the spotlight.”
When the minister proposed a backup strategy involving establishing a parallel currency and distributing vouchers to pensioners, Tsipras knew it was the end and asked Varoufakis: “Can you be serious?”
Lasting Criticism
In the book, Tsipras concludes how Varoufakis demonstrated himself to be “unfit for an agreement that required intricate and sensitive management.”
He further claimed how his confrontational approach left him more and more alone with colleagues, put Greece at risk, and assisted hardliners that were pushing for Grexit.
This account of history has been met with fury and shock in some quarters, whereas Varoufakis has kept a deafening silence on the matter.
