In a freshly published memoir, titled Ithaki, the ex- prime minister Alexis Tsipras does not hold back while he revisits that chaotic period during Greece's economic turmoil.
An Unconventional Appointment
According to Tsipras's recollections, he selected that maverick academic Yanis Varoufakis to be the finance minister largely because of the latter's worldwide fame along with Varoufakis's “extremely attractive” abilities when it came to public orator.
“He was, actually, more like a star rather than an economist,” stated Tsipras.
Conflicting Agendas
The former leader suggests how Varoufakis possessed a personal agenda that involved advancing his books as well as testing out his game theories using the nation instead of truly advocating the country's economic stability.
He explained how those talks to stave off bankruptcy became “not only a way to secure a better deal for Greece. They became an experiment, an historic chance to demonstrate the validity of his economic theories.”
High-Stakes Talks
During volatile discussions, Greece came dangerously on the brink of exiting the eurozone.
On the line was both Greece's destiny but also those harsh austerity measures demanded in return for financial aid from international creditors.
Unsuccessful Options
Attempts to find financing elsewhere, including an urgent plea to the Kremlin to purchase Greek government bonds, were rejected.
Assisting the indebted country would be tantamount to throwing money in the trash-can, the Russian leader is reputed to have told his Greek counterpart in Moscow.
Referendum Followed by U-Turn
In July 2015, those excoriating bailout terms were subjected to a popular referendum, an action which plunged the EU into further existential crisis.
Even though the referendum was won resoundingly by those who opposed austerity, the prime minister was forced to reject its outcome and negotiate a bailout package with foreign lenders that turned out to be more severe.
Final Straw
The ex-PM revealed that he began to doubt Varoufakis quite early on.
“Varoufakis was the face of the talks, the figure who attracted publicity, who graced the front pages of publications the world over … he gave the impression he relished his new role.”
When the minister proposed a contingency plan involving establishing a secondary currency and distributing vouchers to retirees, the leader said he realised it was game over questioning Varoufakis: “Is this for real?”
Lasting Rebuke
In the book, Tsipras concludes that his former ally had proved himself to be “unsuitable for a deal that required complex and delicate management.”
He further claimed that his confrontational style left him increasingly isolated with colleagues, put Greece at risk, while assisted hardliners that were advocating a Greek exit from the euro.
This retelling of history has provoked fury and shock in some quarters, while the former minister has kept a deafening silence on the matter.
