Within his recently unveiled autobiography, called Ithaki, the former leader Alexis Tsipras does not hold back while he revisits that chaotic period during Greece's financial crisis.
A Controversial Choice
According to the ex-PM's recollections, Tsipras chose that maverick economist Yanis Varoufakis to be his treasury head largely because of the latter's global profile along with his “extremely attractive” skills as a public orator.
“He was, actually, more like a star rather than an economic expert,” stated the 51-year-old.
Clashing Agendas
Tsipras claims how his finance chief had his own agenda that included advancing Varoufakis's books and experimenting with his game theories on Greece rather than truly advocating its economic stability.
He noted how the talks to avoid bankruptcy became “not just a method of achieving improved terms for Greece. They became an experiment, an historic chance to prove the truth of his theories.”
High-Stakes Negotiations
During volatile negotiations, Greece found itself perilously on the brink of leaving the single currency area.
On the line lay not only the country's future and those severe austerity measures demanded in return for bailout funds from international creditors.
Failed Options
Efforts to secure financing elsewhere, such as an urgent appeal to Russia to buy Greek bonds, fell on stony ground.
Helping Greece was equivalent to tossing cash in the trash-can, the Russian leader reportedly told his Greek counterpart during their meeting.
Referendum and U-Turn
In July 2015, the excoriating bailout terms were put to a popular referendum, an action which plunged the EU into a deeper existential crisis.
Although the vote was carried resoundingly by voters against the cuts, the prime minister was forced to reject its outcome and agree to a rescue deal with creditors that turned out to be tougher.
Final Straw
The ex-PM revealed how he began to doubt Varoufakis quite early on.
“He was the public image of the talks, the figure who attracted publicity, who graced the front pages of magazines globally … he gave the impression he relished his new role.”
After Varoufakis outlined a backup strategy that included creating a secondary currency as well as distributing vouchers to retirees, Tsipras said he realised that it was game over and asked Varoufakis: “Can you be serious?”
Enduring Rebuke
Within the memoir, the author concludes how his former ally demonstrated himself “unfit for a deal that required intricate and delicate handling.”
He further wrote that his aggressive style made him more and more alone with colleagues, put Greece at risk, and helped hawks that were pushing for Grexit.
This account of history has been met with anger along with shock in some quarters, while the former minister has so far kept a conspicuous quiet regarding these claims.
