Within his newly released memoir, called Ithaki, the former premier Alexis Tsipras pulls no punches while he reflects on that turbulent period of Greece's debt drama.
An Unconventional Choice
As per Tsipras's version, Tsipras selected that maverick academic Yanis Varoufakis to be his finance minister largely due to the latter's international reputation and Varoufakis's very persuasive abilities when it came to speaker.
“In reality, he was, actually, more of a celebrity and less of an economist,” stated Tsipras.
Conflicting Agendas
The former leader claims how Varoufakis possessed his own motives which included promoting Varoufakis's publications and testing out his own game theories using the nation rather than genuinely advocating its economic stability.
Tsipras explained that those negotiations to stave off bankruptcy were “not just a way to secure a better deal for Greece. They became a test, an historic opportunity to prove the truth of Varoufakis's economic theories.”
High-Stakes Negotiations
During tense discussions, the country came perilously on the brink of exiting the eurozone.
On the line lay not only Greece's future but also the harsh cutbacks required in return for financial aid from international creditors.
Unsuccessful Alternatives
Efforts to find funds elsewhere, including a desperate appeal to the Kremlin to buy Greek government bonds, were rejected.
Assisting Greece was equivalent to tossing cash in the trash-can, the Russian leader is reputed to have informed Tsipras in Moscow.
Referendum and U-Turn
That summer, the harsh bailout terms were subjected to a public vote, an action that plunged the EU into deeper existential crisis.
Even though the vote was won decisively by voters against austerity, Tsipras was forced to reject its outcome and negotiate a bailout package from creditors which turned out to be tougher.
Breaking Point
Tsipras revealed that he began to doubt his finance minister relatively soon.
“Varoufakis was the face of negotiation, 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 the minister proposed a backup strategy involving establishing a parallel currency and distributing vouchers to retirees, Tsipras said he realised it was game over and asked him: “Can you be serious?”
Lasting Rebuke
In the book, the author asserts that Varoufakis demonstrated himself to be “unfit for an agreement demanding complex and delicate management.”
Tsipras further wrote that his confrontational style left him more and more alone with colleagues, put Greece at risk, and assisted hawks that were pushing for a Greek exit from the euro.
The retelling of history has provoked fury and shock among certain groups, whereas the former minister has kept a conspicuous quiet regarding these claims.
