Within his freshly published memoir, called Ithaki, the ex- prime minister Alexis Tsipras does not hold back as he reflects on that turbulent period during Greece's debt drama.
A Controversial Appointment
According to Tsipras's recollections, Tsipras chose that maverick academic Yanis Varoufakis as his finance minister primarily because of his global profile along with his highly compelling skills as a public orator.
“In reality, he was, actually, more like a star rather than an economist,” recalled Tsipras.
Clashing Priorities
Tsipras alleges how his finance chief had his own motives that involved advancing Varoufakis's books as well as testing out his own game theories on the nation rather than truly fighting for the country's financial survival.
He explained that those discussions to avoid bankruptcy were “not just a way to secure improved terms for the country. They were an experiment, a monumental chance to prove the validity of Varoufakis's theories.”
High-Stakes Talks
Amid tense discussions, Greece came dangerously close to leaving the eurozone.
At stake lay both Greece's future and those punishing austerity measures required in exchange for financial aid from foreign lenders.
Unsuccessful Alternatives
Efforts to find financing elsewhere, including an urgent appeal to the Kremlin to buy Greek government bonds, went unanswered.
Helping the indebted country would be tantamount to throwing money in the trash-can, the Russian leader reportedly told Tsipras in Moscow.
Public Vote Followed by Reversal
That summer, the punitive conditions were subjected to a popular referendum, a move which plunged the EU into further existential crisis.
Although the vote was carried decisively by voters who opposed austerity, Tsipras had little option to reject its outcome and negotiate a bailout package from creditors which turned out to be even harsher.
Final Straw
Tsipras revealed that he started questioning his finance minister relatively soon.
“Varoufakis was the face of negotiation, the figure who attracted publicity, who appeared on the covers of magazines globally … it seemed he relished his new role.”
When the minister proposed a contingency plan that included establishing a secondary currency as well as issuing coupons to retirees, the leader said he realised that it was game over questioning him: “Are you serious?”
Enduring Rebuke
Within the memoir, the author concludes how Varoufakis had proved himself “unfit for a deal demanding intricate and delicate handling.”
Tsipras further claimed that his confrontational approach made him more and more alone among peers, put Greece at risk, and assisted hawks who were pushing for a Greek exit from the euro.
The retelling of history has been met with anger and shock in some quarters, whereas the former minister has kept a conspicuous quiet regarding these claims.
