Within his freshly published personal account, titled Ithaki, the ex- leader Alexis Tsipras does not hold back as he examines that chaotic period of Greece's debt drama.
An Unconventional Appointment
In Tsipras's recollections, he chose the unorthodox economist Yanis Varoufakis as the finance minister largely due to his international reputation along with his highly compelling skills as a communicator.
“He was, actually, more of a star and less of an economist,” recalled the 51-year-old.
Clashing Priorities
Tsipras alleges that Varoufakis had a personal motives which included promoting Varoufakis's publications and experimenting with his own game theories on the nation rather than truly advocating its financial survival.
He explained how the talks to avoid bankruptcy were “not just a way to secure improved terms for the country. They were a test, a monumental chance to demonstrate the validity of Varoufakis's ideas.”
High-Stakes Talks
During rollercoaster negotiations, Greece came dangerously on the brink of exiting the single currency area.
At stake was not only Greece's destiny and the harsh cutbacks demanded in return for financial aid from foreign lenders.
Unsuccessful Options
Efforts to secure financing from other sources, such as an urgent plea to Russia to purchase Greek government bonds, went unanswered.
Assisting the indebted country was equivalent to throwing money into the garbage, the Russian leader reportedly informed Tsipras during their meeting.
Public Vote Followed by U-Turn
That summer, the punitive conditions were subjected to a popular referendum, a move that plunged Europe into deeper existential crisis.
Although the vote was won decisively by those against austerity, Tsipras had little option but to ignore the result and negotiate a rescue deal from creditors which turned out to be tougher.
Final Straw
The ex-PM claimed that he began to doubt his finance minister relatively soon.
“He was the face of the talks, the figure who drew publicity, who graced the covers of magazines globally … it seemed he relished his new role.”
After Varoufakis outlined a contingency plan involving creating a secondary currency and distributing vouchers to retirees, the leader said he realised it was the end questioning Varoufakis: “Are you serious?”
Enduring Criticism
In the memoir, Tsipras asserts how his former ally demonstrated himself “unsuitable for a deal demanding intricate and sensitive handling.”
He also claimed how Varoufakis's confrontational style left him increasingly isolated with colleagues, endangered the country, and helped hardliners that were advocating Grexit.
This account of events has been met with fury and shock among certain groups, whereas Varoufakis has kept a conspicuous quiet regarding these claims.
