Within his freshly published personal account, named Ithaki, the former leader Alexis Tsipras does not hold back while he examines that turbulent period during Greece's financial crisis.
A Controversial Choice
In the ex-PM's recollections, Tsipras selected the maverick academic Yanis Varoufakis as his treasury head mainly due to the latter's global profile along with Varoufakis's highly compelling abilities as a communicator.
“In reality, he was, actually, more of a star rather than an economist,” stated Tsipras.
Conflicting Priorities
Tsipras claims how Varoufakis had his own agenda which included advancing his books and testing out his own game theories using the nation rather than truly fighting for its economic stability.
Tsipras explained how those negotiations to avoid insolvency became “not only a way of achieving improved terms for the country. They became a test, a monumental opportunity to prove the truth of Varoufakis's theories.”
High-Stakes Negotiations
During tense negotiations, Greece found itself perilously close to leaving the single currency area.
At stake lay not only the country's future but also those severe austerity policies required in return for bailout funds by international creditors.
Failed Alternatives
Attempts to find funds from other sources, such as an urgent plea to the Kremlin to buy Greek government bonds, were rejected.
Helping Greece was equivalent to tossing cash in the trash-can, the Russian leader reportedly told Tsipras during their meeting.
Public Vote Followed by Reversal
In July 2015, those punitive bailout terms were subjected to a public vote, a move which threw the EU into a deeper existential crisis.
Although the referendum was won decisively by those who opposed austerity, Tsipras had little option but to ignore the result then agree to a rescue deal with creditors that turned out to be tougher.
Final Straw
Tsipras revealed how he began to doubt Varoufakis quite early on.
“He was the public image of the talks, the figure who attracted media attention, who appeared on the covers of magazines globally … it seemed he relished the spotlight.”
When Varoufakis outlined a backup strategy that included establishing a parallel currency as well as distributing vouchers to pensioners, the leader knew it was game over and asked him: “Are you serious?”
Enduring Rebuke
In the book, the author concludes how Varoufakis demonstrated himself “unfit for an agreement demanding complex and sensitive handling.”
He also claimed how Varoufakis's confrontational style made him more and more alone with colleagues, put Greece at risk, and assisted hardliners who were pushing for a Greek exit from the euro.
The retelling of history has been met with fury and stunned disbelief among certain groups, whereas the former minister has so far kept a deafening silence on the matter.
