Within his recently unveiled memoir, called Ithaki, the former premier Alexis Tsipras does not hold back as he reflects on the turbulent era during Greece's debt drama.
A Controversial Appointment
According to Tsipras's account, he appointed the maverick academic Yanis Varoufakis as his treasury head primarily due to his worldwide fame and his “extremely attractive” skills as a public orator.
“In reality, he was, actually, more like a star and less of an economic expert,” recalled the 51-year-old.
Conflicting Agendas
The former leader claims that Varoufakis possessed a personal agenda that included promoting Varoufakis's publications as well as experimenting with his own theories using Greece rather than genuinely fighting for the country's financial survival.
He wrote how those talks to avoid bankruptcy became “not only a method to secure a better deal for Greece. They were a test, an historic chance to demonstrate the validity of Varoufakis's theories.”
High-Stakes Negotiations
Amid rollercoaster negotiations, Greece came dangerously on the brink of leaving the eurozone.
On the line was not only the country's destiny and the severe austerity measures required in exchange for bailout funds by international creditors.
Failed Options
Efforts to secure financing elsewhere, such as an urgent plea to Russia to buy Greek bonds, fell on stony ground.
Assisting the indebted country was equivalent to tossing cash into the garbage, the Russian leader reportedly told his Greek counterpart in Moscow.
Public Vote Followed by Reversal
That summer, the harsh bailout terms were subjected to a public vote, a move that threw the EU into deeper crisis of identity.
Even though the vote was carried resoundingly by voters against the cuts, Tsipras was forced but to ignore the result then negotiate a bailout package from foreign lenders that turned out to be even harsher.
Breaking Point
Tsipras claimed how he began to doubt his finance minister quite early on.
“Varoufakis was the public image of the talks, the figure who drew media attention, who appeared on the front pages of publications globally … it seemed he relished his new role.”
After Varoufakis outlined a backup strategy that included creating a secondary currency as well as distributing coupons to retirees, the leader said he realised it was game over questioning Varoufakis: “Are you serious?”
Enduring Criticism
In the book, the author asserts that Varoufakis had proved himself to be “unsuitable for a deal that required complex and sensitive handling.”
Tsipras also claimed how his confrontational style left him increasingly isolated with colleagues, endangered the country, while assisted hardliners that were pushing for Grexit.
The retelling of history has provoked fury and shock among certain groups, while Varoufakis has so far maintained a deafening silence regarding these claims.
