In a recently unveiled personal account, called Ithaki, the former prime minister Alexis Tsipras does not hold back while he reflects on that turbulent era during Greece's debt drama.
A Controversial Choice
In Tsipras's account, he chose that unorthodox academic Yanis Varoufakis to be his finance minister largely because of his international reputation along with Varoufakis's “extremely attractive” skills as a public orator.
“He was, actually, more of a star and less of an economic expert,” stated Tsipras.
Conflicting Priorities
The former leader claims that Varoufakis possessed a personal agenda which included promoting Varoufakis's books as well as experimenting with his theories using Greece instead of truly fighting for the country's financial survival.
He explained how the talks to avoid insolvency became “not just a method to secure a better deal for the country. They became a test, an historic opportunity to prove the truth of Varoufakis's economic theories.”
High-Stakes Talks
Amid tense discussions, the country came dangerously close to leaving the eurozone.
On the line lay not only the country's future and those harsh austerity policies required in exchange for bailout funds by international creditors.
Unsuccessful Alternatives
Attempts to find funds elsewhere, including a desperate plea to the Kremlin to buy Greek bonds, fell on stony ground.
Helping the indebted country was equivalent to throwing money in the trash-can, Putin reportedly informed Tsipras during their meeting.
Referendum and Reversal
That summer, the punitive bailout terms were subjected to a public vote, an action which plunged Europe into deeper existential crisis.
Even though the vote was carried resoundingly by voters against the cuts, Tsipras had little option but to reject its outcome and agree to a rescue deal from creditors which turned out to be more severe.
Final Straw
Tsipras revealed how he started questioning Varoufakis relatively soon.
“He was the public image of the talks, the man who drew media attention, who appeared on the front pages of publications globally … he gave the impression he relished the spotlight.”
After the minister proposed a backup strategy involving creating a secondary currency and distributing vouchers to retirees, the leader said he realised it was the end questioning him: “Is this for real?”
Lasting Criticism
Within the memoir, the author concludes that Varoufakis demonstrated himself “unsuitable for an agreement that required complex and sensitive handling.”
He also claimed how Varoufakis's aggressive approach left him increasingly isolated with colleagues, endangered the country, and assisted hardliners who were advocating Grexit.
The retelling of history has been met with fury and stunned disbelief in some quarters, whereas Varoufakis has kept a conspicuous quiet regarding these claims.
