In a newly released memoir, named Ithaki, the ex- prime minister Alexis Tsipras pulls no punches while he examines that chaotic period of Greece's economic turmoil.
An Unconventional Appointment
As per the ex-PM's recollections, he selected the maverick academic Yanis Varoufakis as his treasury head largely due to the latter's global profile along with Varoufakis's “extremely attractive” abilities as a communicator.
“He was, truthfully, more of a personality rather than an economist,” stated Tsipras.
Clashing Agendas
The former leader alleges how Varoufakis possessed a personal motives which included promoting Varoufakis's books and testing out his game theories using Greece rather than truly fighting for the country's economic stability.
He noted that those negotiations to prevent insolvency became “not only a way of achieving a better deal for the country. They were a test, an historic opportunity to prove the truth of Varoufakis's theories.”
High-Stakes Talks
Amid tense negotiations, the country came dangerously close to exiting the single currency area.
At stake lay both the country's future but also those severe austerity policies demanded in return for financial aid by foreign lenders.
Unsuccessful Options
Attempts to find funds from other sources, such as a desperate plea to the Kremlin to purchase Greek government bonds, were rejected.
Assisting Greece was equivalent to throwing money into the garbage, Putin reportedly informed Tsipras during their meeting.
Referendum Followed by Reversal
In July 2015, those punitive bailout terms were put to a popular referendum, a move that threw Europe into a further crisis of identity.
Even though the vote was carried decisively by those against austerity, Tsipras was forced but to ignore the result and agree to a bailout package with foreign lenders which proved to be even harsher.
Final Straw
The ex-PM claimed that he began to doubt Varoufakis quite early on.
“He was the public image of negotiation, the man who attracted media attention, who appeared on the front pages of publications the world over … it seemed he relished his new role.”
When Varoufakis outlined a backup strategy involving establishing a secondary currency as well as distributing coupons to retirees, Tsipras knew that it was the end questioning Varoufakis: “Is this for real?”
Enduring Rebuke
In the memoir, the author asserts that Varoufakis demonstrated himself “unfit for a deal that required complex and delicate handling.”
He also claimed that Varoufakis's confrontational approach made him more and more alone among peers, endangered the country, while assisted hawks that were advocating Grexit.
The account of history has been met with fury along with shock among certain groups, while Varoufakis has kept a conspicuous quiet on the matter.
