Within his newly released personal account, called Ithaki, the former leader Alexis Tsipras pulls no punches as he revisits that turbulent period during Greece's financial crisis.
An Unconventional Choice
In Tsipras's recollections, Tsipras selected the unorthodox economist Yanis Varoufakis to be his treasury head mainly because of his global profile along with Varoufakis's “extremely attractive” abilities as a speaker.
“He was, in reality, more like a personality rather than an economic expert,” recalled the 51-year-old.
Conflicting Agendas
Tsipras claims that his finance chief possessed a personal motives that included advancing his publications and experimenting with his own game theories on Greece instead of genuinely fighting for its financial survival.
Tsipras wrote how those negotiations to avoid bankruptcy were “not just a method to secure improved terms for Greece. They became an experiment, a monumental chance to prove the truth of Varoufakis's economic theories.”
Critical Talks
Amid volatile negotiations, Greece came dangerously on the brink of exiting the eurozone.
On the line lay not only Greece's future but also those harsh austerity measures demanded in exchange for financial aid by foreign lenders.
Failed Alternatives
Efforts to find funds elsewhere, including an urgent appeal to the Kremlin to purchase Greek government bonds, fell on stony ground.
Assisting Greece would be equivalent to throwing money into the garbage, the Russian leader is reputed to have told Tsipras in Moscow.
Referendum Followed by U-Turn
In July 2015, those excoriating bailout terms were put to a popular referendum, an action that threw Europe into a further crisis of identity.
Even though the vote was won resoundingly by those against the cuts, Tsipras was forced but to reject its outcome then agree to a rescue deal from foreign lenders which proved to be tougher.
Final Straw
Tsipras revealed that he started questioning Varoufakis quite early on.
“He was the face of negotiation, the man who drew publicity, who appeared on the front pages of publications the world over … he gave the impression he was enjoying the spotlight.”
When Varoufakis proposed a contingency plan involving creating a secondary currency and distributing coupons to retirees, the leader said he realised it was the end and asked him: “Can you be serious?”
Lasting Criticism
In the memoir, the author asserts how Varoufakis had proved himself “unfit for an agreement demanding complex and sensitive management.”
Tsipras also claimed that Varoufakis's confrontational approach left him more and more alone among peers, endangered the country, and assisted hawks who were pushing for a Greek exit from the euro.
This retelling of history has provoked fury along with shock in some quarters, while the former minister has maintained a deafening silence regarding these claims.
