In a newly released memoir, called Ithaki, the ex- premier Alexis Tsipras pulls no punches as he revisits the turbulent era during Greece's debt drama.
A Controversial Choice
In the ex-PM's version, he chose the maverick academic Yanis Varoufakis to be his finance minister mainly because of his global profile along with his very persuasive skills as a communicator.
“In reality, he was, in reality, more of a celebrity and less of an economist,” stated the 51-year-old.
Conflicting Priorities
Tsipras suggests how his finance chief had a personal agenda that involved advancing his publications and experimenting with his own game theories on Greece instead of truly advocating its financial survival.
Tsipras noted how the discussions to avoid bankruptcy became “not just a method of achieving improved terms for the country. They became a test, a monumental chance to demonstrate the validity of his theories.”
Critical Negotiations
Amid volatile negotiations, the country came perilously close to leaving the single currency area.
On the line was both Greece's future and the severe austerity policies demanded in exchange for rescue loans by international creditors.
Failed Options
Efforts to find funds from other sources, including a desperate plea to the Kremlin to buy Greek bonds, fell on stony ground.
Helping Greece was tantamount to tossing cash in the trash-can, the Russian leader reportedly told his Greek counterpart during their meeting.
Public Vote and U-Turn
That summer, the excoriating conditions were put to a public vote, an action which threw the EU into further existential crisis.
Although the referendum was carried decisively by those who opposed the cuts, Tsipras was forced to reject its outcome then agree to a rescue deal from foreign lenders that turned out to be more severe.
Breaking Point
The ex-PM claimed how he started questioning his finance minister relatively soon.
“He was the public image of the talks, the man who attracted media attention, who appeared on the front pages of publications globally … he gave the impression he was enjoying the spotlight.”
After Varoufakis outlined a contingency plan involving establishing a secondary currency as well as distributing vouchers to retirees, the leader said he realised it was game over questioning him: “Is this for real?”
Lasting Rebuke
In the memoir, Tsipras asserts how his former ally had proved himself “unfit for an agreement that required intricate and sensitive handling.”
Tsipras also wrote that Varoufakis's confrontational approach left him more and more alone among peers, endangered the country, while assisted hardliners that were pushing for Grexit.
This account of events has been met with anger and shock in some quarters, whereas Varoufakis has maintained a deafening silence regarding these claims.
