Within his newly released memoir, called Ithaki, the former premier Alexis Tsipras spares no criticism while he revisits that chaotic era of Greece's debt drama.
An Unconventional Appointment
According to Tsipras's account, Tsipras chose that maverick economist Yanis Varoufakis to be his finance minister primarily because of the latter's worldwide fame along with his very persuasive skills as a public orator.
“He was, actually, more of a celebrity rather than an economic expert,” stated Tsipras.
Conflicting Priorities
Tsipras alleges that his finance chief had his own motives which included advancing his books and testing out his game theories on Greece rather than genuinely advocating the country's financial survival.
He wrote how the talks to avoid bankruptcy became “not just a way of achieving improved terms for the country. They were an experiment, a monumental chance to prove the truth of his economic theories.”
Critical Negotiations
Amid volatile discussions, the country came perilously on the brink of leaving the eurozone.
At stake was both Greece's future and those severe cutbacks required in return for bailout funds from international creditors.
Failed Alternatives
Efforts to find funds elsewhere, including an urgent appeal to Russia to buy Greek bonds, fell on stony ground.
Assisting Greece would be tantamount to tossing cash in the trash-can, the Russian leader reportedly informed his Greek counterpart in Moscow.
Referendum and U-Turn
That summer, those harsh conditions were subjected to a public vote, an action that threw Europe into further crisis of identity.
Although the vote was won resoundingly by voters who opposed austerity, the prime minister was forced but to ignore the result and agree to a rescue deal with creditors which proved to be more severe.
Breaking Point
Tsipras revealed that he began to doubt Varoufakis relatively soon.
“He was the public image of the talks, the man who attracted media attention, who appeared on the covers of magazines globally … it seemed he was enjoying the spotlight.”
After Varoufakis proposed a contingency plan involving creating a parallel currency and issuing vouchers to retirees, the leader said he realised it was the end and asked Varoufakis: “Is this for real?”
Lasting Rebuke
In the memoir, the author concludes that Varoufakis demonstrated himself “unfit for a deal demanding complex and delicate handling.”
He further wrote that his aggressive approach left him more and more alone with colleagues, put Greece at risk, and helped hawks that were pushing for a Greek exit from the euro.
This retelling of events has been met with anger along with stunned disbelief in some quarters, while Varoufakis has maintained a conspicuous quiet regarding these claims.
