Within his recently unveiled memoir, called Ithaki, the former premier Alexis Tsipras spares no criticism as he revisits that turbulent era of Greece's debt drama.
A Controversial Choice
In the ex-PM's account, he chose that unorthodox academic Yanis Varoufakis to be his finance minister mainly due to the latter's global profile along with his very persuasive abilities when it came to public orator.
“In reality, he was, truthfully, more like a celebrity and less of an economist,” wrote Tsipras.
Clashing Agendas
The former leader suggests that Varoufakis had a personal agenda which involved promoting Varoufakis's publications and testing out his own game theories using the nation rather than genuinely advocating its financial survival.
He explained that the discussions to avoid insolvency were “not just a method of achieving improved terms for Greece. They became an experiment, a monumental opportunity to demonstrate the truth of his ideas.”
Critical Talks
Amid volatile negotiations, Greece found itself dangerously on the brink of exiting the eurozone.
On the line lay both Greece's future and the harsh austerity policies required in exchange for financial aid by foreign lenders.
Failed Options
Attempts to secure financing elsewhere, including an urgent appeal to the Kremlin to purchase Greek government bonds, fell on stony ground.
Assisting Greece would be equivalent to throwing money in the trash-can, Putin is reputed to have informed Tsipras in Moscow.
Public Vote and Reversal
In July 2015, those harsh bailout terms were subjected to a public vote, an action which threw the EU into further existential crisis.
Although the referendum was won resoundingly by voters against the cuts, the prime minister was forced but to reject its outcome and agree to a rescue deal with foreign lenders which proved to be more severe.
Final Straw
Tsipras revealed that he began to doubt Varoufakis relatively soon.
“Varoufakis was the public image of the talks, the man who attracted media attention, who appeared on the covers of publications the world over … he gave the impression he relished the spotlight.”
After the minister proposed a contingency plan involving establishing a secondary currency as well as issuing vouchers to pensioners, Tsipras knew that it was game over questioning him: “Can you be serious?”
Lasting Rebuke
Within the book, Tsipras concludes that Varoufakis had proved himself “unfit for a deal demanding complex and delicate management.”
He also wrote how Varoufakis's confrontational approach left him increasingly isolated among peers, put Greece at risk, while assisted hawks who were pushing for a Greek exit from the euro.
The retelling of events has provoked fury along with shock in some quarters, while Varoufakis has kept a deafening silence on the matter.
