Within his newly released memoir, called Ithaki, the former prime minister Alexis Tsipras does not hold back as he reflects on that chaotic era during Greece's debt drama.
A Controversial Appointment
In Tsipras's version, he chose that unorthodox academic Yanis Varoufakis to be the treasury head mainly due to the latter's worldwide fame along with Varoufakis's “extremely attractive” skills when it came to public orator.
“In reality, he was, in reality, more like a celebrity rather than an economist,” wrote the 51-year-old.
Conflicting Priorities
The former leader alleges that his finance chief possessed his own motives which included advancing Varoufakis's publications and testing out his game theories using Greece instead of truly fighting for its economic stability.
He noted how those negotiations to stave off bankruptcy became “not just a way to secure improved terms for the country. They became a test, a monumental opportunity to demonstrate the truth of Varoufakis's ideas.”
High-Stakes Negotiations
During tense discussions, the country found itself perilously on the brink of leaving the single currency area.
At stake was both Greece's destiny and those severe austerity measures demanded in exchange for rescue loans from foreign lenders.
Unsuccessful Options
Efforts to find financing from other sources, such as an urgent appeal to the Kremlin to purchase Greek government bonds, were rejected.
Helping the indebted country would be tantamount to tossing cash into the garbage, Putin reportedly informed Tsipras during their meeting.
Referendum and Reversal
In July 2015, the excoriating conditions were subjected to a public vote, a move which plunged Europe into further crisis of identity.
Although the referendum was won decisively by those against the cuts, the prime minister was forced to ignore the result and negotiate a bailout package from foreign lenders that turned out to be tougher.
Breaking Point
The ex-PM claimed how he started questioning Varoufakis quite early on.
“He was the public image of the talks, the man who drew media attention, who appeared on the covers of magazines globally … he gave the impression he relished his new role.”
After the minister outlined a contingency plan involving creating a parallel currency and distributing vouchers to retirees, the leader said he realised that it was game over and asked Varoufakis: “Are you serious?”
Enduring Rebuke
Within the book, the author asserts that Varoufakis demonstrated himself “unfit for a deal demanding intricate and delicate management.”
He further claimed that Varoufakis's aggressive style left him more and more alone with colleagues, endangered the country, while helped hawks who were pushing for a Greek exit from the euro.
This account of events has been met with anger along with shock in some quarters, while Varoufakis has kept a deafening silence regarding these claims.
