In a newly released autobiography, called Ithaki, the former prime minister Alexis Tsipras pulls no punches while he revisits that chaotic era during Greece's debt drama.
An Unconventional Choice
As per Tsipras's recollections, Tsipras selected that unorthodox academic Yanis Varoufakis as his finance minister primarily because of the latter's worldwide fame along with Varoufakis's highly compelling skills as a communicator.
“In reality, he was, truthfully, more of a celebrity rather than an economic expert,” stated Tsipras.
Conflicting Priorities
Tsipras alleges how Varoufakis had a personal agenda which involved advancing Varoufakis's publications as well as testing out his own game theories on Greece rather than truly advocating its financial survival.
He explained how those negotiations to avoid bankruptcy were “not just a way of achieving a better deal for Greece. They became an experiment, a monumental opportunity to demonstrate the truth of his economic theories.”
High-Stakes Talks
Amid rollercoaster negotiations, the country found itself perilously close to leaving the eurozone.
At stake lay not only Greece's future and those punishing cutbacks required in return for bailout funds from foreign lenders.
Unsuccessful Alternatives
Attempts to find financing elsewhere, including a desperate plea to Russia to purchase Greek bonds, went unanswered.
Assisting Greece would be equivalent to tossing cash in the trash-can, Putin reportedly told his Greek counterpart during their meeting.
Referendum and U-Turn
That summer, those harsh bailout terms were subjected to a popular referendum, a move that plunged Europe into further crisis of identity.
Even though the referendum was won decisively by voters against austerity, the prime minister had little option to reject its outcome and negotiate a rescue deal from foreign lenders that proved to be more severe.
Breaking Point
The ex-PM claimed how he began to doubt his finance minister quite early on.
“He was the face of negotiation, the figure who drew publicity, who appeared on the covers of publications the world over … he gave the impression he was enjoying the spotlight.”
When Varoufakis proposed a backup strategy that included establishing a secondary currency and distributing coupons to pensioners, the leader knew it was game over questioning him: “Can you be serious?”
Enduring Rebuke
In the memoir, Tsipras concludes that Varoufakis demonstrated himself “unsuitable for an agreement demanding intricate and sensitive management.”
He also wrote how Varoufakis's confrontational style left him increasingly isolated among peers, endangered the country, while assisted hardliners that were advocating Grexit.
The retelling of events has provoked fury along with stunned disbelief in some quarters, whereas Varoufakis has so far kept a deafening silence on the matter.
