Within his recently unveiled memoir, called Ithaki, the ex- leader Alexis Tsipras pulls no punches while he reflects on the turbulent era during Greece's debt drama.
An Unconventional Appointment
In Tsipras's version, Tsipras selected the unorthodox economist Yanis Varoufakis to be his finance minister primarily because of his international reputation and his very persuasive skills when it came to public orator.
“He was, truthfully, more like a personality and less of an economic expert,” recalled Tsipras.
Clashing Agendas
Tsipras alleges that Varoufakis had a personal agenda that involved promoting Varoufakis's publications as well as testing out his own game theories on Greece rather than genuinely advocating the country's economic stability.
He wrote that the talks to prevent insolvency were “not only a method of achieving improved terms for Greece. They were a test, an historic chance to prove the validity of his theories.”
High-Stakes Talks
Amid tense discussions, the country found itself dangerously close to exiting the single currency area.
At stake was both the country's destiny but also those harsh austerity measures required in exchange for rescue loans from foreign lenders.
Unsuccessful Options
Efforts to find funds elsewhere, such as a desperate appeal to the Kremlin to buy Greek bonds, were rejected.
Helping the indebted country was equivalent to tossing cash into the garbage, Putin is reputed to have told his Greek counterpart during their meeting.
Referendum and U-Turn
In July 2015, those harsh conditions were subjected to a public vote, an action that threw the EU into a further crisis of identity.
Even though the referendum was won resoundingly by those who opposed austerity, the prime minister was forced to reject its outcome and negotiate a rescue deal with creditors which turned out to be more severe.
Breaking Point
The ex-PM revealed that he began to doubt his finance minister relatively soon.
“Varoufakis was the face of the talks, the figure who drew publicity, who appeared on the front pages of publications the world over … he gave the impression he was enjoying his new role.”
After Varoufakis outlined a contingency plan that included creating a secondary currency and issuing coupons to retirees, Tsipras knew it was the end and asked him: “Are you serious?”
Lasting Rebuke
Within the memoir, the author concludes that Varoufakis had proved himself to be “unsuitable for an agreement that required complex and sensitive handling.”
Tsipras further wrote that his aggressive approach made him increasingly isolated with colleagues, put Greece at risk, while helped hawks who were pushing for a Greek exit from the euro.
This retelling of history has provoked anger along with shock among certain groups, while Varoufakis has kept a conspicuous quiet on the matter.
