Within his recently unveiled memoir, called Ithaki, the ex- premier Tsipras pulls no punches while he revisits the turbulent era during Greece's financial crisis.
A Controversial Choice
In Tsipras's version, he appointed that maverick academic Yanis Varoufakis to be his treasury head largely due to his international reputation and his “extremely attractive” abilities when it came to public orator.
“He was, in reality, more of a star rather than an economist,” stated Tsipras.
Conflicting Priorities
Tsipras claims that his finance chief had a personal agenda that involved promoting his publications and experimenting with his own game theories on Greece instead of genuinely advocating its economic stability.
He noted that those talks to prevent insolvency were “not only a method to secure improved terms for the country. They became a test, an historic chance to demonstrate the validity of his economic theories.”
Critical Talks
Amid rollercoaster negotiations, Greece found itself perilously on the brink of exiting the single currency area.
At stake was both Greece's future and the punishing austerity measures required in exchange for bailout funds by international creditors.
Failed Alternatives
Attempts to find financing elsewhere, such as a desperate plea to the Kremlin to buy Greek government bonds, went unanswered.
Helping Greece would be tantamount to throwing money into the garbage, Putin reportedly told Tsipras during their meeting.
Public Vote Followed by Reversal
That summer, those excoriating bailout terms were subjected to a popular referendum, an action which plunged Europe into deeper crisis of identity.
Even though the referendum was carried decisively by those against austerity, Tsipras had little option to ignore the result and agree to a bailout package from creditors which turned out to be even harsher.
Final Straw
Tsipras revealed that he began to doubt his finance minister quite early on.
“Varoufakis was the public image of negotiation, the man who drew publicity, who appeared on the front pages of publications globally … it seemed he relished his new role.”
When the minister proposed a backup strategy involving establishing a parallel currency and distributing vouchers to pensioners, Tsipras said he realised it was the end questioning him: “Can you be serious?”
Enduring Criticism
Within the book, the author concludes that his former ally had proved himself to be “unfit for a deal that required complex and delicate handling.”
Tsipras further claimed how Varoufakis's confrontational approach made him more and more alone among peers, put Greece at risk, and helped hawks that were advocating Grexit.
The account of history has provoked anger along with stunned disbelief in some quarters, while Varoufakis has so far maintained a deafening silence regarding these claims.
