In a newly released memoir, named Ithaki, the former prime minister Alexis Tsipras does not hold back while he examines that chaotic period during Greece's debt drama.
An Unconventional Appointment
In the ex-PM's version, Tsipras appointed that unorthodox economist Yanis Varoufakis as the treasury head primarily due to the latter's worldwide fame and his highly compelling skills as a public orator.
“He was, truthfully, more like a personality rather than an economic expert,” recalled the 51-year-old.
Conflicting Priorities
The former leader alleges that Varoufakis had his own motives that involved promoting Varoufakis's books and testing out his game theories using Greece rather than genuinely fighting for its economic stability.
Tsipras noted that those negotiations to prevent bankruptcy became “not just a way of achieving a better deal for the country. They became an experiment, a monumental chance to prove the truth of Varoufakis's ideas.”
High-Stakes Negotiations
Amid rollercoaster discussions, Greece came dangerously on the brink of exiting the eurozone.
At stake lay both Greece's destiny but also those severe austerity policies required in return for rescue loans by international creditors.
Failed Options
Efforts to find funds elsewhere, such as a desperate plea to Russia to purchase Greek government bonds, were rejected.
Helping Greece was tantamount to tossing cash into the garbage, the Russian leader reportedly informed Tsipras during their meeting.
Referendum and U-Turn
That summer, those punitive conditions were subjected to a popular referendum, an action which threw the EU into a deeper existential crisis.
Even though the referendum was won decisively by voters who opposed austerity, the prime minister was forced to reject its outcome then negotiate a rescue deal from foreign lenders that turned out to be more severe.
Final Straw
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 graced the covers of magazines the world over … he gave the impression he relished the spotlight.”
After Varoufakis outlined a backup strategy involving creating a parallel currency and distributing vouchers to retirees, the leader said he realised it was the end and asked Varoufakis: “Can you be serious?”
Lasting Rebuke
Within the memoir, the author asserts how Varoufakis had proved himself to be “unfit for an agreement demanding complex and delicate management.”
Tsipras further claimed how Varoufakis's confrontational style left him more and more alone among peers, endangered the country, while assisted hawks that were advocating a Greek exit from the euro.
The retelling of events has provoked anger and stunned disbelief among certain groups, while Varoufakis has so far maintained a deafening silence regarding these claims.
