Within his recently unveiled autobiography, titled Ithaki, the former premier Alexis Tsipras spares no criticism while he reflects on the turbulent period during Greece's debt drama.
An Unconventional Choice
In Tsipras's recollections, he chose the maverick academic Yanis Varoufakis as the treasury head mainly due to the latter's international reputation along with Varoufakis's “extremely attractive” skills when it came to communicator.
“He was, truthfully, more of a personality and less of an economist,” wrote the 51-year-old.
Clashing Agendas
The former leader suggests that Varoufakis possessed his own motives that involved advancing his books as well as experimenting with his own game theories on the nation instead of genuinely advocating its financial survival.
Tsipras explained that the negotiations to avoid bankruptcy were “not just a way to secure a better deal for the country. They were a test, an historic chance to demonstrate the truth of Varoufakis's economic theories.”
High-Stakes Talks
Amid volatile negotiations, Greece found itself perilously close to leaving the single currency area.
At stake was not only the country's destiny and those severe cutbacks demanded in return for rescue loans by foreign lenders.
Unsuccessful Alternatives
Efforts to secure funds from other sources, such as a desperate appeal to Russia to buy Greek government bonds, were rejected.
Assisting the indebted country was tantamount to tossing cash in the trash-can, the Russian leader reportedly informed Tsipras in Moscow.
Referendum Followed by Reversal
In July 2015, the punitive bailout terms were put to a public vote, an action that threw the EU into a deeper existential crisis.
Even though the vote was won resoundingly by voters against the cuts, the prime minister had little option but to ignore the result then negotiate a rescue deal with creditors that turned out to be more severe.
Breaking Point
Tsipras revealed that he began to doubt Varoufakis quite early on.
“He was the face of the talks, the man who attracted publicity, who graced the front pages of publications globally … it seemed he relished the spotlight.”
When Varoufakis proposed a contingency plan involving establishing a secondary currency as well as issuing vouchers to pensioners, the leader knew that it was game over and asked him: “Can you be serious?”
Lasting Criticism
In the memoir, the author concludes that his former ally had proved himself “unfit for a deal that required complex and delicate management.”
He further wrote that his aggressive style made him more and more alone among peers, endangered the country, while assisted hawks that were pushing for a Greek exit from the euro.
This account of history has been met with fury and shock among certain groups, whereas Varoufakis has so far kept a conspicuous quiet on the matter.
