Within his newly released memoir, called Ithaki, the ex- leader Alexis Tsipras does not hold back while he revisits that chaotic era of Greece's debt drama.
A Controversial Appointment
According to Tsipras's recollections, Tsipras appointed that unorthodox academic Yanis Varoufakis as his finance minister largely due to his worldwide fame along with Varoufakis's “extremely attractive” skills when it came to public orator.
“He was, actually, more of a personality rather than an economic expert,” stated the 51-year-old.
Conflicting Agendas
Tsipras alleges that Varoufakis had his own motives that involved advancing Varoufakis's publications as well as experimenting with his theories using the nation rather than genuinely advocating its economic stability.
He noted that the negotiations to stave off insolvency became “not just a method of achieving a better deal for Greece. They were an experiment, a monumental chance to demonstrate the truth of Varoufakis's ideas.”
High-Stakes Talks
Amid volatile discussions, Greece found itself dangerously close to leaving the single currency area.
On the line lay not only Greece's future and the harsh austerity policies required in return for financial aid from international creditors.
Unsuccessful Options
Efforts to secure funds elsewhere, including an urgent plea to Russia to purchase Greek bonds, went unanswered.
Helping Greece was equivalent to throwing money in the trash-can, Putin is reputed to have told his Greek counterpart in Moscow.
Referendum and U-Turn
That summer, the excoriating bailout terms were subjected to a popular referendum, an action which plunged the EU into deeper existential crisis.
Although the referendum was won resoundingly by voters who opposed the cuts, Tsipras was forced but to reject its outcome and agree to a rescue deal from foreign lenders which turned out to be even harsher.
Breaking Point
The ex-PM revealed that he began to doubt his finance minister quite early on.
“Varoufakis was the public image of the talks, the figure who attracted media attention, who graced the covers of publications the world over … he gave the impression he relished the spotlight.”
After Varoufakis outlined a backup strategy that included creating a secondary currency and issuing vouchers to retirees, the leader said he realised that it was game over questioning Varoufakis: “Can you be serious?”
Lasting Criticism
In the memoir, Tsipras concludes that his former ally had proved himself “unfit for a deal that required intricate and sensitive handling.”
He further claimed how Varoufakis's aggressive approach left him increasingly isolated with colleagues, put Greece at risk, and helped hawks who were advocating a Greek exit from the euro.
The account of events has provoked fury and shock in some quarters, while Varoufakis has so far kept a conspicuous quiet on the matter.
