In a recently unveiled memoir, named Ithaki, the former premier Alexis Tsipras pulls no punches as he reflects on the chaotic era of Greece's debt drama.
An Unconventional Appointment
According to Tsipras's version, Tsipras appointed the unorthodox academic Yanis Varoufakis as his treasury head largely because of his worldwide fame along with his “extremely attractive” skills when it came to public orator.
“He was, truthfully, more of a celebrity rather than an economic expert,” wrote the 51-year-old.
Conflicting Priorities
The former leader alleges how Varoufakis had his own motives which involved promoting his books and testing out his own game theories using Greece instead of truly advocating the country's economic stability.
Tsipras wrote that the negotiations to avoid insolvency were “not just a way of achieving improved terms for Greece. They became a test, a monumental opportunity to demonstrate the validity of his theories.”
High-Stakes Talks
Amid rollercoaster discussions, Greece found itself perilously close to exiting the eurozone.
On the line lay not only the country's destiny and the punishing austerity policies demanded in exchange for financial aid from international creditors.
Failed Alternatives
Efforts to find funds elsewhere, including an urgent appeal to the Kremlin to purchase Greek bonds, were rejected.
Helping Greece would be tantamount to tossing cash in the trash-can, Putin is reputed to have informed his Greek counterpart during their meeting.
Public Vote Followed by U-Turn
In July 2015, those punitive bailout terms were put to a public vote, an action that plunged the EU into deeper existential crisis.
Although the vote was carried resoundingly by voters against austerity, the prime minister was forced but to reject its outcome and negotiate a rescue deal from foreign lenders that proved to be tougher.
Breaking Point
The ex-PM claimed that he started questioning Varoufakis relatively soon.
“He was the face of the talks, the man who drew publicity, who appeared on the front pages of magazines the world over … he gave the impression he was enjoying his new role.”
When the minister proposed a backup strategy that included establishing a secondary currency and distributing vouchers to retirees, Tsipras said he realised it was game over and asked Varoufakis: “Are you serious?”
Enduring Rebuke
Within the book, the author concludes that Varoufakis demonstrated himself “unfit for a deal that required intricate and delicate management.”
He also wrote how his confrontational approach made him increasingly isolated among peers, endangered the country, and assisted hardliners who were pushing for Grexit.
This account of events has been met with anger along with shock among certain groups, whereas Varoufakis has so far kept a deafening silence on the matter.
