In a newly released autobiography, titled Ithaki, the former premier Alexis Tsipras pulls no punches while he reflects on the turbulent period during Greece's debt drama.
A Controversial Appointment
In the ex-PM's recollections, Tsipras appointed that maverick academic Yanis Varoufakis to be the finance minister largely because of his worldwide fame along with his “extremely attractive” abilities as a communicator.
“He was, in reality, more of a personality and less of an economist,” stated the 51-year-old.
Clashing Agendas
The former leader alleges how his finance chief possessed his own motives which included advancing Varoufakis's publications as well as experimenting with his own game theories using the nation rather than truly advocating the country's economic stability.
Tsipras noted that the negotiations to prevent insolvency became “not only a way of achieving improved terms for Greece. They were an experiment, an historic opportunity to prove the truth of his theories.”
High-Stakes Negotiations
During tense negotiations, the country came perilously on the brink of exiting the eurozone.
On the line was both Greece's future and the severe cutbacks demanded in return for bailout funds from foreign lenders.
Unsuccessful Options
Attempts to secure funds from other sources, such as a desperate appeal to Russia to buy Greek bonds, went unanswered.
Assisting Greece would be equivalent to tossing cash in the trash-can, the Russian leader is reputed to have informed his Greek counterpart during their meeting.
Public Vote Followed by U-Turn
In July 2015, the punitive conditions were put to a popular referendum, a move that plunged Europe into a deeper existential crisis.
Although the referendum was carried resoundingly by those who opposed the cuts, Tsipras was forced but to ignore the result and negotiate a bailout package from creditors that turned out to be more severe.
Final Straw
The ex-PM claimed that he started questioning Varoufakis quite early on.
“Varoufakis was the public image of the talks, the figure who drew publicity, who appeared on the front pages of magazines the world over … he gave the impression he was enjoying his new role.”
After Varoufakis proposed a backup strategy that included creating a secondary currency as well as distributing coupons to pensioners, Tsipras knew it was game over and asked Varoufakis: “Are you serious?”
Enduring Rebuke
Within the book, Tsipras asserts that his former ally had proved himself to be “unfit for an agreement demanding intricate and delicate management.”
He also claimed that Varoufakis's confrontational approach left him increasingly isolated among peers, put Greece at risk, and helped hardliners that were pushing for a Greek exit from the euro.
The retelling of events has been met with anger along with shock in some quarters, while Varoufakis has maintained a conspicuous quiet on the matter.
