Within his recently unveiled memoir, titled Ithaki, the former premier Alexis Tsipras does not hold back as he reflects on that chaotic era during Greece's financial crisis.
A Controversial Choice
According to Tsipras's account, he chose the unorthodox academic Yanis Varoufakis as his treasury head mainly due to his worldwide fame along with Varoufakis's very persuasive skills as a public orator.
“He was, truthfully, more like a personality rather than an economist,” stated the 51-year-old.
Conflicting Agendas
The former leader suggests that Varoufakis had his own agenda which included promoting his publications as well as experimenting with his own game theories on Greece instead of genuinely fighting for the country's financial survival.
He noted how the negotiations to avoid insolvency became “not only a method of achieving improved terms for the country. They became an experiment, an historic opportunity to demonstrate the truth of his economic theories.”
High-Stakes Negotiations
During tense negotiations, the country came perilously close to leaving the eurozone.
At stake was both Greece's future and those punishing austerity measures demanded in exchange for financial aid by international creditors.
Unsuccessful Options
Efforts to secure funds elsewhere, including a desperate appeal to the Kremlin to purchase Greek government bonds, went unanswered.
Helping the indebted country would be equivalent to throwing money into the garbage, the Russian leader reportedly informed Tsipras in Moscow.
Referendum and U-Turn
That summer, those punitive bailout terms were put to a public vote, a move which threw the EU into a deeper existential crisis.
Even though the vote was won resoundingly by those against austerity, Tsipras was forced but to reject its outcome and agree to a rescue deal with creditors that turned out to be more severe.
Final Straw
Tsipras claimed how he began to doubt Varoufakis quite early on.
“He was the public image of the talks, the man who attracted media attention, who appeared on the covers of magazines the world over … he gave the impression he relished his new role.”
After the minister proposed a contingency plan involving creating a secondary currency as well as issuing coupons to pensioners, Tsipras knew it was the end and asked him: “Can you be serious?”
Lasting Criticism
Within the book, Tsipras asserts how his former ally had proved himself to be “unfit for an agreement that required complex and delicate handling.”
Tsipras further wrote that Varoufakis's aggressive style made 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 account of history has provoked anger and stunned disbelief in some quarters, while the former minister has so far kept a conspicuous quiet regarding these claims.
