Within his recently unveiled personal account, called Ithaki, the ex- premier Alexis Tsipras pulls no punches as he revisits that chaotic era during Greece's financial crisis.
An Unconventional Appointment
According to Tsipras's recollections, Tsipras chose the maverick economist Yanis Varoufakis to be his finance minister mainly due to the latter's international reputation along with Varoufakis's highly compelling skills as a speaker.
“He was, in reality, more of a celebrity and less of an economist,” stated the 51-year-old.
Clashing Agendas
Tsipras claims that Varoufakis had a personal motives which involved advancing Varoufakis's publications as well as testing out his own game theories using Greece rather than truly fighting for the country's financial survival.
He explained that those talks to stave off insolvency were “not just a method to secure a better deal for Greece. They were a test, an historic chance to prove the truth of Varoufakis's ideas.”
High-Stakes Talks
Amid tense negotiations, the country found itself perilously on the brink of exiting the single currency area.
At stake was both the country's destiny and those severe austerity policies required in exchange for bailout funds from foreign lenders.
Failed Alternatives
Attempts to secure funds from other sources, such as an urgent plea to the Kremlin to buy Greek government bonds, fell on stony ground.
Helping Greece was tantamount to tossing cash into the garbage, the Russian leader is reputed to have told his Greek counterpart during their meeting.
Public Vote and Reversal
In July 2015, those excoriating bailout terms were subjected to a public vote, a move that threw Europe into a further existential crisis.
Although the vote was carried decisively by voters against the cuts, Tsipras was forced to reject its outcome then negotiate a bailout package with foreign lenders that turned out to be tougher.
Final Straw
Tsipras claimed how he began to doubt Varoufakis relatively soon.
“He was the face of negotiation, the figure who attracted media attention, who graced the covers of publications the world over … he gave the impression he relished the spotlight.”
After the minister proposed a backup strategy that included creating a parallel currency and issuing coupons to pensioners, the leader said he realised that it was game over and asked Varoufakis: “Can you be serious?”
Enduring Rebuke
In the book, Tsipras concludes how his former ally had proved himself to be “unsuitable for a deal that required complex and sensitive handling.”
Tsipras further claimed that Varoufakis's confrontational style made him more and more alone among peers, put Greece at risk, while helped hardliners who were advocating a Greek exit from the euro.
This retelling of events has provoked anger and stunned disbelief among certain groups, while Varoufakis has kept a deafening silence on the matter.
