In a newly released memoir, titled Ithaki, the former prime minister Alexis Tsipras spares no criticism as he revisits the chaotic era during Greece's economic turmoil.
A Controversial Appointment
In Tsipras's recollections, he selected that maverick academic Yanis Varoufakis as his treasury head mainly due to the latter's international reputation and his very persuasive abilities when it came to speaker.
“He was, actually, more of a celebrity and less of an economic expert,” recalled Tsipras.
Conflicting Priorities
The former leader alleges how his finance chief had a personal motives that included promoting Varoufakis's books and experimenting with his own game theories using Greece rather than genuinely advocating the country's financial survival.
Tsipras explained that those talks to prevent bankruptcy became “not only a method of achieving improved terms for Greece. They were an experiment, a monumental opportunity to prove the truth of his economic theories.”
High-Stakes Talks
Amid volatile discussions, Greece came perilously close to exiting the single currency area.
At stake lay not only the country's future and the punishing cutbacks demanded in exchange for financial aid from foreign lenders.
Failed Alternatives
Efforts to secure funds from other sources, such as an urgent appeal to the Kremlin to purchase Greek government bonds, fell on stony ground.
Assisting the indebted country would be equivalent to throwing money in the trash-can, Putin is reputed to have informed his Greek counterpart in Moscow.
Referendum and Reversal
In July 2015, the excoriating conditions were subjected to a popular referendum, an action that plunged Europe into a deeper existential crisis.
Even though the vote was won resoundingly by those who opposed austerity, the prime minister had little option to reject its outcome and negotiate a rescue deal from creditors which turned out to be even harsher.
Breaking Point
Tsipras revealed that he began to doubt his finance minister quite early on.
“Varoufakis was the face of the talks, the man who attracted media attention, who appeared on the front pages of magazines the world over … it seemed he was enjoying the spotlight.”
After Varoufakis proposed a contingency plan that included establishing a secondary currency as well as distributing vouchers to retirees, the leader knew that it was the end questioning him: “Can you be serious?”
Enduring Rebuke
In the memoir, the author concludes that Varoufakis had proved himself “unsuitable for an agreement that required intricate and delicate management.”
He also claimed how his confrontational approach made him increasingly isolated with colleagues, endangered the country, while helped hawks who were pushing for a Greek exit from the euro.
The account of events has been met with fury and stunned disbelief among certain groups, whereas Varoufakis has so far kept a conspicuous quiet regarding these claims.
