In a freshly published memoir, named Ithaki, the ex- prime minister Alexis Tsipras pulls no punches while he reflects on the turbulent period during Greece's economic turmoil.
A Controversial Choice
As per Tsipras's account, he selected that maverick academic Yanis Varoufakis as the treasury head largely due to the latter's international reputation along with Varoufakis's “extremely attractive” abilities as a public orator.
“In reality, he was, actually, more of a celebrity rather than an economist,” recalled the 51-year-old.
Conflicting Agendas
The former leader suggests that Varoufakis had his own motives which involved promoting his publications as well as experimenting with his own game theories using Greece rather than genuinely advocating its financial survival.
He noted that the negotiations to prevent bankruptcy became “not only a method to secure improved terms for Greece. They were a test, an historic chance to demonstrate the validity of his theories.”
High-Stakes Talks
Amid tense negotiations, the country came dangerously close to exiting the eurozone.
At stake lay not only Greece's destiny and the punishing austerity policies demanded in return for financial aid from international creditors.
Failed Alternatives
Efforts to find funds from other sources, such as an urgent appeal to the Kremlin to purchase Greek bonds, went unanswered.
Assisting the indebted country would be tantamount to throwing money into the garbage, Putin is reputed to have informed Tsipras in Moscow.
Referendum and Reversal
That summer, the excoriating bailout terms were put to a public vote, an action that threw the EU into deeper existential crisis.
Although the referendum was won resoundingly by voters who opposed austerity, Tsipras was forced but to ignore the result and agree to a bailout package with foreign lenders that turned out to be tougher.
Final Straw
The ex-PM claimed how he began to doubt Varoufakis quite early on.
“He was the public image of negotiation, the figure who attracted publicity, who appeared on the front pages of publications the world over … he gave the impression he relished his new role.”
When Varoufakis proposed a backup strategy involving establishing a parallel currency and distributing vouchers to pensioners, the leader knew that it was the end and asked Varoufakis: “Is this for real?”
Lasting Rebuke
Within the memoir, Tsipras asserts how his former ally demonstrated himself “unfit for an agreement demanding intricate and sensitive handling.”
Tsipras further wrote that Varoufakis's confrontational approach made him increasingly isolated among peers, put Greece at risk, while assisted hardliners that were advocating a Greek exit from the euro.
The retelling of events has provoked anger and shock among certain groups, whereas the former minister has kept a conspicuous quiet on the matter.
