In a recently unveiled memoir, titled Ithaki, the ex- premier Alexis Tsipras pulls no punches as he examines that turbulent era of Greece's financial crisis.
An Unconventional Choice
As per Tsipras's account, he selected the unorthodox economist Yanis Varoufakis to be the finance minister largely because of his global profile and Varoufakis's highly compelling abilities as a communicator.
“In reality, he was, actually, more of a celebrity and less of an economic expert,” stated the 51-year-old.
Conflicting Agendas
The former leader suggests how his finance chief possessed a personal agenda which involved promoting Varoufakis's publications as well as experimenting with his own game theories using the nation instead of truly advocating its economic stability.
He wrote that the talks to prevent insolvency were “not just a method of achieving a better deal for Greece. They were an experiment, an historic chance to prove the truth of Varoufakis's economic theories.”
High-Stakes Talks
Amid tense negotiations, Greece found itself perilously on the brink of exiting the eurozone.
At stake lay not only Greece's destiny and those punishing austerity policies demanded in exchange for rescue loans by foreign lenders.
Unsuccessful Alternatives
Attempts to find funds from other sources, such as a desperate plea to the Kremlin to buy Greek government bonds, fell on stony ground.
Assisting Greece was tantamount to tossing cash in the trash-can, the Russian leader is reputed to have told his Greek counterpart during their meeting.
Public Vote Followed by Reversal
In July 2015, the punitive conditions were subjected to a public vote, a move that plunged Europe into deeper existential crisis.
Even though the referendum was carried decisively by voters who opposed the cuts, Tsipras had little option to ignore the result and agree to a rescue deal from foreign lenders that proved to be even harsher.
Breaking Point
The ex-PM claimed how he began to doubt Varoufakis quite early on.
“He was the face of the talks, the figure who drew publicity, who appeared on the covers of magazines the world over … he gave the impression he was enjoying his new role.”
After Varoufakis outlined a contingency plan that included establishing a secondary currency as well as issuing vouchers to retirees, the leader knew that it was game over questioning Varoufakis: “Can you be serious?”
Lasting Criticism
In the book, Tsipras concludes that his former ally demonstrated himself “unfit for an agreement demanding intricate and delicate management.”
He also wrote how Varoufakis's confrontational style made him increasingly isolated with colleagues, put Greece at risk, and helped hardliners that were pushing for a Greek exit from the euro.
The retelling of events has provoked anger along with stunned disbelief in some quarters, while Varoufakis has kept a deafening silence regarding these claims.
