In a recently unveiled memoir, called Ithaki, the former leader Alexis Tsipras does not hold back while he revisits that chaotic period of Greece's debt drama.
A Controversial Appointment
In Tsipras's version, Tsipras appointed the maverick academic Yanis Varoufakis as the finance minister primarily due to the latter's worldwide fame along with his very persuasive abilities as a communicator.
“He was, truthfully, more like a star rather than an economist,” recalled Tsipras.
Conflicting Priorities
Tsipras alleges that Varoufakis possessed a personal agenda which involved promoting Varoufakis's books as well as testing out his own game theories using the nation instead of truly advocating its financial survival.
Tsipras noted how those negotiations to prevent insolvency became “not only a way to secure improved terms for Greece. They were an experiment, a monumental opportunity to demonstrate the validity of Varoufakis's theories.”
Critical Negotiations
During volatile negotiations, Greece came dangerously on the brink of exiting the single currency area.
On the line lay both the country's destiny but also the punishing austerity measures required in return for financial aid by international creditors.
Failed Options
Attempts to secure funds from other sources, including an urgent appeal to the Kremlin to purchase Greek bonds, were rejected.
Helping Greece was equivalent to throwing money in the trash-can, the Russian leader is reputed to have told his Greek counterpart in Moscow.
Public Vote Followed by Reversal
That summer, those excoriating conditions were subjected to a popular referendum, a move which threw the EU into deeper crisis of identity.
Although the referendum was won decisively by those against austerity, Tsipras had little option but to ignore the result then negotiate a bailout package with creditors that proved to be more severe.
Breaking Point
The ex-PM revealed that he started questioning Varoufakis quite early on.
“Varoufakis was the face of negotiation, the figure who drew publicity, who graced the front pages of publications the world over … he gave the impression he relished his new role.”
When Varoufakis outlined a contingency plan involving creating a secondary currency and distributing coupons to pensioners, the leader knew it was the end questioning him: “Are you serious?”
Lasting Criticism
In the book, Tsipras concludes how his former ally had proved himself to be “unsuitable for a deal demanding complex and delicate handling.”
He further claimed how Varoufakis's aggressive style left him increasingly isolated with colleagues, put Greece at risk, and helped hawks that were pushing for a Greek exit from the euro.
The retelling of history has provoked fury and stunned disbelief among certain groups, whereas Varoufakis has so far maintained a conspicuous quiet on the matter.
