In a freshly published personal account, named Ithaki, the former premier Alexis Tsipras does not hold back as he revisits that turbulent era during Greece's debt drama.
A Controversial Appointment
According to Tsipras's version, he chose that unorthodox economist Yanis Varoufakis to be his finance minister mainly due to the latter's international reputation and Varoufakis's highly compelling skills as a public orator.
“He was, truthfully, more like a star rather than an economist,” wrote the 51-year-old.
Conflicting Priorities
The former leader alleges that Varoufakis had his own motives that included promoting Varoufakis's publications and testing out his own game theories using Greece instead of truly advocating the country's economic stability.
Tsipras noted how those negotiations to avoid insolvency became “not just a way of achieving a better deal for the country. They were a test, an historic chance to demonstrate the validity of Varoufakis's theories.”
Critical Talks
Amid volatile negotiations, the country came perilously close to leaving the single currency area.
At stake lay both Greece's destiny but also those severe austerity policies required in exchange for rescue loans by foreign lenders.
Unsuccessful Options
Efforts to find funds from other sources, including an urgent appeal to the Kremlin to purchase Greek bonds, fell on stony ground.
Assisting the indebted country was equivalent to tossing cash in the trash-can, the Russian leader reportedly informed his Greek counterpart during their meeting.
Public Vote Followed by U-Turn
In July 2015, the excoriating conditions were put to a popular referendum, an action that threw the EU into a deeper existential crisis.
Although the referendum was carried decisively by voters against the cuts, Tsipras was forced to reject its outcome and negotiate a rescue deal from creditors which proved to be more severe.
Final Straw
Tsipras revealed how he started questioning Varoufakis quite early on.
“He was the public image of the talks, the man who attracted media attention, who appeared on the front pages of publications globally … he gave the impression he relished his new role.”
After the minister proposed a backup strategy involving establishing a parallel currency and issuing coupons to retirees, the leader said he realised that it was game over questioning Varoufakis: “Can you be serious?”
Enduring Rebuke
Within the memoir, the author concludes that Varoufakis demonstrated himself to be “unfit for a deal that required complex and delicate management.”
Tsipras also claimed that his confrontational style made him increasingly isolated with colleagues, put Greece at risk, and helped hawks that were advocating a Greek exit from the euro.
The account of events has been met with anger and shock among certain groups, while the former minister has so far kept a conspicuous quiet regarding these claims.
