Within his recently unveiled memoir, called Ithaki, the former prime minister Alexis Tsipras does not hold back as he examines the turbulent era during Greece's financial crisis.
A Controversial Choice
According to Tsipras's recollections, he appointed that maverick academic Yanis Varoufakis as his finance minister mainly because of his global profile and his highly compelling skills when it came to communicator.
“In reality, he was, in reality, more of a star and less of an economic expert,” wrote Tsipras.
Conflicting Agendas
The former leader alleges how his finance chief possessed a personal agenda which involved advancing Varoufakis's publications and experimenting with his game theories on Greece instead of truly fighting for the country's financial survival.
He wrote that those negotiations to prevent insolvency were “not just a way to secure a better deal for the country. They were an experiment, a monumental opportunity to demonstrate the truth of his ideas.”
Critical Negotiations
Amid volatile negotiations, Greece found itself dangerously on the brink of leaving the eurozone.
At stake was both the country's future but also the punishing austerity measures required in exchange for bailout funds from foreign lenders.
Unsuccessful Alternatives
Efforts to find funds elsewhere, such as a desperate appeal to Russia to purchase Greek bonds, went unanswered.
Helping Greece would be equivalent to throwing money into the garbage, the Russian leader is reputed to have told his Greek counterpart during their meeting.
Referendum and U-Turn
That summer, those excoriating bailout terms were put to a popular referendum, an action that plunged Europe into further existential crisis.
Although the referendum was won resoundingly by voters against austerity, Tsipras had little option but to ignore the result then negotiate a bailout package from foreign lenders which turned out to be tougher.
Final Straw
The ex-PM claimed that he started questioning his finance minister relatively soon.
“Varoufakis was the public image of the talks, the figure who attracted publicity, who appeared on the covers of magazines the world over … he gave the impression he relished the spotlight.”
After Varoufakis outlined a backup strategy that included creating a secondary currency and issuing vouchers to pensioners, Tsipras knew that it was game over and asked him: “Can you be serious?”
Enduring Rebuke
In the memoir, Tsipras asserts how Varoufakis had proved himself “unfit for a deal that required complex and sensitive management.”
He also claimed that Varoufakis's aggressive style made him more and more alone with colleagues, endangered the country, while assisted hardliners that were advocating Grexit.
This retelling of events has provoked anger and shock among certain groups, whereas Varoufakis has so far maintained a conspicuous quiet regarding these claims.
