In a freshly published memoir, called Ithaki, the former prime minister Alexis Tsipras pulls no punches while he reflects on the turbulent period of Greece's economic turmoil.
An Unconventional Appointment
In Tsipras's account, Tsipras appointed that maverick economist Yanis Varoufakis to be the finance minister mainly due to the latter's international reputation and his “extremely attractive” abilities as a communicator.
“He was, in reality, more like a celebrity rather than an economic expert,” stated Tsipras.
Clashing Priorities
Tsipras suggests how Varoufakis possessed a personal motives that involved advancing his publications and experimenting with his own game theories using the nation rather than truly fighting for the country's financial survival.
Tsipras wrote how those negotiations to stave off bankruptcy became “not just a method of achieving a better deal for the country. They became an experiment, a monumental chance to prove the validity of Varoufakis's ideas.”
Critical Negotiations
During volatile discussions, Greece found itself dangerously close to exiting the single currency area.
At stake was both Greece's future but also the harsh cutbacks demanded in exchange for bailout funds from international creditors.
Unsuccessful Alternatives
Attempts to find financing elsewhere, such as an urgent plea to the Kremlin to purchase Greek government bonds, went unanswered.
Helping the indebted country would be tantamount to tossing cash into the garbage, the Russian leader reportedly informed his Greek counterpart in Moscow.
Referendum and Reversal
In July 2015, those excoriating conditions were subjected to a popular referendum, a move which plunged the EU into a deeper crisis of identity.
Even though the vote was carried resoundingly by those against the cuts, the prime minister was forced but to ignore the result then agree to a rescue deal from foreign lenders which turned out to be tougher.
Breaking Point
Tsipras claimed that he began to doubt Varoufakis quite early on.
“Varoufakis was the public image of negotiation, the figure who drew media attention, who appeared on the front pages of publications globally … it seemed he relished the spotlight.”
When Varoufakis proposed a backup strategy involving creating a secondary currency and distributing vouchers to pensioners, the leader knew that it was game over and asked Varoufakis: “Can you be serious?”
Lasting Rebuke
Within the book, the author concludes that Varoufakis demonstrated himself to be “unfit for a deal demanding intricate and delicate management.”
Tsipras further claimed how Varoufakis's aggressive approach made him increasingly isolated with colleagues, put Greece at risk, and helped hawks that were advocating a Greek exit from the euro.
The retelling of history has provoked anger along with shock among certain groups, while Varoufakis has maintained a deafening silence regarding these claims.
