In a freshly published memoir, titled Ithaki, the former prime minister Alexis Tsipras pulls no punches while he revisits that turbulent period of Greece's economic turmoil.
An Unconventional Appointment
In Tsipras's version, he selected that maverick economist Yanis Varoufakis to be the finance minister primarily because of the latter's international reputation and Varoufakis's “extremely attractive” abilities as a public orator.
“In reality, he was, truthfully, more of a personality rather than an economist,” wrote the 51-year-old.
Clashing Agendas
Tsipras suggests how his finance chief had a personal motives that involved advancing his publications and testing out his own game theories on Greece instead of genuinely advocating the country's economic stability.
Tsipras noted that those discussions to prevent bankruptcy were “not just a method to secure improved terms for Greece. They were a test, a monumental opportunity to demonstrate the validity of his theories.”
High-Stakes Talks
During tense negotiations, Greece came perilously on the brink of exiting the eurozone.
At stake lay not only Greece's destiny but also the harsh austerity measures demanded in exchange for financial aid from foreign lenders.
Failed Options
Efforts to find financing elsewhere, such as a desperate appeal to Russia to buy Greek bonds, went unanswered.
Assisting Greece was tantamount to tossing cash into the garbage, the Russian leader reportedly informed his Greek counterpart in Moscow.
Public Vote Followed by Reversal
In July 2015, the harsh bailout terms were put to a popular referendum, an action that threw the EU into deeper existential crisis.
Although the vote was won resoundingly by voters who opposed the cuts, Tsipras was forced to reject its outcome then negotiate a bailout package with foreign lenders that proved to be even harsher.
Final Straw
The ex-PM claimed how he started questioning Varoufakis relatively soon.
“He was the public image of the talks, the man who drew publicity, who graced the covers of publications the world over … he gave the impression he relished the spotlight.”
When Varoufakis outlined a contingency plan involving establishing a parallel currency and issuing vouchers to retirees, Tsipras knew that it was the end and asked Varoufakis: “Can you be serious?”
Enduring Rebuke
Within the memoir, the author asserts how Varoufakis demonstrated himself “unfit for a deal demanding intricate and sensitive handling.”
Tsipras also claimed that Varoufakis's confrontational style made him increasingly isolated with colleagues, put Greece at risk, while helped hardliners who were advocating Grexit.
The retelling of events has provoked fury and shock among certain groups, whereas Varoufakis has maintained a deafening silence regarding these claims.
