Within his freshly published memoir, called Ithaki, the ex- leader Alexis Tsipras pulls no punches while he reflects on the turbulent period of Greece's debt drama.
An Unconventional Appointment
In Tsipras's recollections, Tsipras selected the unorthodox academic Yanis Varoufakis as his finance minister primarily because of the latter's global profile along with his highly compelling abilities as a communicator.
“He was, actually, more of a personality and less of an economist,” recalled the 51-year-old.
Conflicting Priorities
Tsipras alleges how Varoufakis had a personal motives that included promoting Varoufakis's publications as well as testing out his game theories using the nation rather than truly advocating the country's economic stability.
Tsipras explained that the talks to avoid bankruptcy were “not only a way of achieving improved terms for the country. They became a test, a monumental chance to demonstrate the validity of Varoufakis's economic theories.”
Critical Negotiations
Amid rollercoaster discussions, Greece came dangerously on the brink of leaving the eurozone.
On the line was not only the country's future but also the punishing cutbacks demanded in return for bailout funds by foreign lenders.
Unsuccessful Options
Efforts to find financing from other sources, including an urgent appeal to Russia to purchase Greek government bonds, went unanswered.
Helping Greece would be tantamount to throwing money into the garbage, Putin reportedly told Tsipras in Moscow.
Referendum Followed by Reversal
In July 2015, those excoriating conditions were subjected to a popular referendum, an action that threw the EU into further existential crisis.
Even though the vote was carried resoundingly by those against the cuts, Tsipras had little option to reject its outcome and negotiate a bailout package from creditors that proved to be even harsher.
Final Straw
The ex-PM revealed how he started questioning Varoufakis relatively soon.
“He was the public image of the talks, the man who attracted media attention, who graced the front pages of publications globally … it seemed he relished his new role.”
After Varoufakis outlined a contingency plan involving establishing a secondary currency as well as issuing vouchers to pensioners, Tsipras knew it was game over and asked him: “Are you serious?”
Lasting Criticism
Within the memoir, the author asserts that his former ally had proved himself to be “unsuitable for a deal that required intricate and sensitive handling.”
He further claimed that Varoufakis's aggressive style left him more and more alone among peers, endangered the country, and helped hardliners that were pushing for a Greek exit from the euro.
The retelling of events has provoked fury along with shock among certain groups, while the former minister has maintained a deafening silence on the matter.
