Within his freshly published personal account, called Ithaki, the ex- premier Alexis Tsipras does not hold back while he revisits that chaotic period of Greece's debt drama.
An Unconventional Choice
In Tsipras's account, he selected the unorthodox economist Yanis Varoufakis as the finance minister mainly due to his global profile along with his very persuasive skills as a communicator.
“In reality, he was, in reality, more of a star and less of an economic expert,” recalled Tsipras.
Conflicting Priorities
The former leader claims that Varoufakis possessed a personal motives that involved advancing Varoufakis's publications as well as experimenting with his game theories on Greece rather than genuinely advocating its financial survival.
Tsipras noted how those negotiations to stave off bankruptcy became “not just a method to secure improved terms for Greece. They were a test, an historic opportunity to prove the truth of Varoufakis's theories.”
High-Stakes Negotiations
Amid tense negotiations, the country found itself dangerously close to exiting the eurozone.
On the line was both Greece's destiny but also the harsh austerity policies required in exchange for rescue loans by international creditors.
Failed Alternatives
Efforts to find financing from other sources, such as a desperate appeal to Russia to purchase Greek government bonds, went unanswered.
Assisting Greece was tantamount to throwing money into the garbage, the Russian leader reportedly told Tsipras in Moscow.
Referendum and U-Turn
In July 2015, the harsh conditions were put to a popular referendum, a move that threw Europe into a further crisis of identity.
Although the referendum was won decisively by voters who opposed austerity, the prime minister was forced but to ignore the result and agree to a bailout package from creditors that turned out to be tougher.
Breaking Point
Tsipras revealed that he started questioning Varoufakis quite early on.
“He was the face of the talks, the man who attracted media attention, who graced the covers of publications globally … he gave the impression he was enjoying his new role.”
After Varoufakis outlined a backup strategy that included establishing a secondary currency and issuing coupons to pensioners, the leader said he realised that it was the end and asked Varoufakis: “Are you serious?”
Lasting Rebuke
In the memoir, Tsipras concludes how his former ally demonstrated himself to be “unfit for an agreement demanding intricate and delicate management.”
He further wrote how Varoufakis's confrontational approach left him more and more alone among peers, put Greece at risk, and helped hawks who were advocating Grexit.
This account of history has provoked fury and stunned disbelief in some quarters, while the former minister has maintained a conspicuous quiet regarding these claims.
