In a newly released personal account, called Ithaki, the ex- leader Alexis Tsipras pulls no punches while he reflects on that chaotic era of Greece's debt drama.
An Unconventional Choice
According to Tsipras's account, he selected that unorthodox academic Yanis Varoufakis as his treasury head largely due to the latter's international reputation along with his very persuasive abilities when it came to communicator.
“In reality, he was, truthfully, more like a star and less of an economic expert,” wrote Tsipras.
Conflicting Agendas
Tsipras suggests how Varoufakis had a personal agenda that included advancing his publications as well as experimenting with his own game theories on Greece instead of genuinely advocating its economic stability.
He noted how those talks to stave off bankruptcy became “not only a way of achieving improved terms for the country. They became a test, an historic opportunity to prove the validity of his economic theories.”
Critical Talks
Amid rollercoaster negotiations, Greece found itself dangerously close to leaving the eurozone.
On the line was both Greece's future but also the harsh cutbacks demanded in return for rescue loans from international creditors.
Failed Alternatives
Efforts to secure funds elsewhere, including a desperate plea to Russia to buy Greek bonds, went unanswered.
Assisting the indebted country would be tantamount to throwing money into the garbage, the Russian leader reportedly informed his Greek counterpart in Moscow.
Referendum and Reversal
That summer, the punitive conditions were subjected to a popular referendum, a move which plunged Europe into a further existential crisis.
Even though the vote was won resoundingly by those against austerity, the prime minister had little option but to reject its outcome then agree to a bailout package with foreign lenders which turned out to be more severe.
Final Straw
The ex-PM claimed how he started questioning Varoufakis quite early on.
“He was the public image of negotiation, the figure who attracted publicity, who graced the covers of magazines globally … it seemed he was enjoying the spotlight.”
After the minister outlined a backup strategy involving establishing a secondary currency as well as issuing coupons to retirees, Tsipras said he realised it was the end and asked Varoufakis: “Is this for real?”
Lasting Criticism
Within the book, the author concludes how his former ally demonstrated himself “unsuitable for a deal demanding intricate and delicate management.”
Tsipras further claimed that Varoufakis's aggressive approach made him increasingly isolated with colleagues, endangered the country, while helped hardliners who were pushing for a Greek exit from the euro.
The retelling of events has provoked anger and stunned disbelief in some quarters, whereas Varoufakis has maintained a deafening silence on the matter.
