In a freshly published memoir, named Ithaki, the former prime minister Alexis Tsipras does not hold back while he revisits the turbulent era during Greece's debt drama.
A Controversial Choice
As per the ex-PM's account, Tsipras appointed that unorthodox academic Yanis Varoufakis as the treasury head mainly because of his international reputation along with his “extremely attractive” skills as a speaker.
“He was, actually, more of a personality and less of an economic expert,” wrote the 51-year-old.
Conflicting Priorities
The former leader alleges that his finance chief had a personal agenda that included advancing his books as well as experimenting with his own game theories using Greece instead of genuinely advocating its financial survival.
Tsipras noted how the talks to avoid bankruptcy became “not only a way of achieving a better deal for Greece. They were an experiment, a monumental opportunity to demonstrate the validity of Varoufakis's economic theories.”
Critical Talks
Amid tense negotiations, the country came dangerously close to leaving the eurozone.
At stake lay not only Greece's future but also the punishing austerity measures demanded in return for bailout funds from international creditors.
Failed Options
Attempts to secure funds from other sources, such as a desperate plea to the Kremlin to buy Greek bonds, went unanswered.
Helping the indebted country would be equivalent to tossing cash into the garbage, Putin reportedly informed his Greek counterpart in Moscow.
Public Vote Followed by Reversal
That summer, the punitive bailout terms were put to a popular referendum, an action that threw the EU into deeper existential crisis.
Although the vote was won decisively by those against the cuts, the prime minister had little option to ignore the result and agree to a rescue deal from creditors that proved to be tougher.
Final Straw
The ex-PM claimed how he began to doubt Varoufakis relatively soon.
“Varoufakis was the face of the talks, the man who drew media attention, who appeared on the covers of publications the world over … it seemed he relished the spotlight.”
When Varoufakis outlined a backup strategy involving creating a secondary currency as well as issuing coupons to pensioners, the leader knew that it was the end and asked him: “Is this for real?”
Enduring Criticism
Within the book, Tsipras concludes how Varoufakis had proved himself “unsuitable for an agreement demanding complex and delicate management.”
Tsipras further wrote that Varoufakis's aggressive style made him increasingly isolated among peers, put Greece at risk, and helped hawks who were advocating a Greek exit from the euro.
The account of events has been met with anger and shock in some quarters, whereas Varoufakis has maintained a deafening silence on the matter.
