Within his freshly published memoir, titled Ithaki, the former premier Alexis Tsipras spares no criticism while he examines that chaotic period of Greece's financial crisis.
A Controversial Appointment
According to Tsipras's account, Tsipras chose that unorthodox academic Yanis Varoufakis to be his finance minister mainly because of the latter's global profile and his “extremely attractive” skills when it came to speaker.
“In reality, he was, in reality, more like a celebrity and less of an economic expert,” recalled Tsipras.
Conflicting Agendas
Tsipras claims how Varoufakis possessed his own agenda which involved advancing Varoufakis's publications and experimenting with his game theories on Greece rather than truly fighting for its economic stability.
He noted that the talks to prevent bankruptcy became “not only a method to secure a better deal for the country. They were an experiment, an historic chance to prove the validity of his theories.”
High-Stakes Talks
Amid rollercoaster negotiations, the country found itself perilously on the brink of leaving the eurozone.
At stake was both the country's destiny and the severe austerity policies required in return for rescue loans by international creditors.
Failed Alternatives
Attempts to secure funds elsewhere, including a desperate plea to the Kremlin to purchase Greek government bonds, fell on stony ground.
Helping the indebted country was tantamount to throwing money in the trash-can, the Russian leader is reputed to have informed Tsipras during their meeting.
Referendum Followed by Reversal
In July 2015, those harsh bailout terms were subjected to a popular referendum, an action that plunged Europe into a deeper existential crisis.
Even though the referendum was carried decisively by those who opposed austerity, the prime minister was forced but to reject its outcome and agree to a bailout package from foreign lenders that proved to be more severe.
Breaking Point
Tsipras revealed how he began to doubt his finance minister relatively soon.
“Varoufakis was the public image of the talks, the figure who drew media attention, who appeared on the front pages of publications globally … it seemed he was enjoying the spotlight.”
After Varoufakis proposed a backup strategy that included establishing a parallel currency and issuing coupons to retirees, the leader said he realised that it was the end questioning him: “Can you be serious?”
Lasting Rebuke
In the memoir, the author asserts that Varoufakis demonstrated himself “unsuitable for a deal demanding intricate and delicate handling.”
Tsipras also wrote how Varoufakis's aggressive approach made him increasingly isolated among peers, endangered the country, while helped hardliners that were pushing for a Greek exit from the euro.
This retelling of history has provoked anger and stunned disbelief in some quarters, while the former minister has so far maintained a conspicuous quiet regarding these claims.
