In a freshly published memoir, called Ithaki, the former premier Tsipras does not hold back as he revisits the chaotic era during Greece's financial crisis.
An Unconventional Choice
According to Tsipras's version, Tsipras chose the unorthodox academic Yanis Varoufakis to be the treasury head largely because of the latter's worldwide fame and Varoufakis's “extremely attractive” skills as a public orator.
“In reality, he was, in reality, more like a star and less of an economist,” stated Tsipras.
Conflicting Priorities
Tsipras suggests how Varoufakis possessed a personal agenda that included advancing his publications and experimenting with his game theories using Greece instead of genuinely fighting for its economic stability.
Tsipras explained that those talks to prevent bankruptcy became “not only a method of achieving a better deal for the country. They became a test, a monumental opportunity to prove the truth of Varoufakis's theories.”
High-Stakes Talks
Amid tense negotiations, the country came dangerously on the brink of leaving the eurozone.
On the line lay not only Greece's future and those punishing austerity policies required in return for rescue loans from international creditors.
Unsuccessful Options
Attempts to find financing from other sources, including a desperate plea to Russia to buy Greek bonds, were rejected.
Helping Greece was tantamount to throwing money in the trash-can, the Russian leader is reputed to have told his Greek counterpart during their meeting.
Referendum and Reversal
In July 2015, those punitive conditions were put to a public vote, a move that threw the EU into further existential crisis.
Even though the referendum was won resoundingly by voters against the cuts, Tsipras had little option to reject its outcome and agree to a bailout package with creditors which turned out to be tougher.
Breaking Point
The ex-PM revealed how he began to doubt his finance minister quite early on.
“Varoufakis was the public image of the talks, the figure who attracted media attention, who appeared on the front pages of publications the world over … he gave the impression he relished the spotlight.”
After the minister proposed a backup strategy that included creating a secondary currency and issuing vouchers to pensioners, the leader knew it was the end questioning Varoufakis: “Can you be serious?”
Enduring Rebuke
In the memoir, the author concludes how Varoufakis had proved himself to be “unfit for a deal that required intricate and sensitive management.”
He further wrote how Varoufakis's confrontational style made him increasingly isolated with colleagues, put Greece at risk, while helped hardliners that were advocating Grexit.
The retelling of history has been met with anger along with shock among certain groups, whereas Varoufakis has so far kept a deafening silence regarding these claims.
