Within his freshly published memoir, titled Ithaki, the former premier Alexis Tsipras pulls no punches while he examines that chaotic period of Greece's economic turmoil.
An Unconventional Choice
As per the ex-PM's recollections, Tsipras appointed that maverick economist Yanis Varoufakis as the finance minister mainly due to the latter's worldwide fame along with his “extremely attractive” abilities as a communicator.
“He was, in reality, more like a celebrity rather than an economist,” recalled Tsipras.
Clashing Agendas
Tsipras alleges that his finance chief possessed a personal motives that involved promoting his publications and experimenting with his own economic models on Greece instead of genuinely fighting for its economic stability.
He wrote that the discussions to avoid bankruptcy were “not only a way of achieving improved terms for Greece. They became an experiment, an historic opportunity to prove the truth of his economic theories.”
Critical Negotiations
During volatile negotiations, the country came dangerously close to leaving the eurozone.
On the line was both the country's destiny and those punishing cutbacks required in exchange for bailout funds from foreign lenders.
Unsuccessful Alternatives
Attempts to find funds elsewhere, such as an urgent appeal to the Kremlin to purchase Greek bonds, were rejected.
Assisting Greece would be equivalent to tossing cash into the garbage, the Russian leader is reputed to have informed Tsipras during their meeting.
Public Vote Followed by U-Turn
In July 2015, the harsh bailout terms were subjected to a public vote, a move which threw Europe into further crisis of identity.
Although the referendum was carried resoundingly by those against austerity, the prime minister had little option to reject its outcome and negotiate a rescue deal from creditors which turned out to be tougher.
Breaking Point
The ex-PM claimed that he began to doubt Varoufakis quite early on.
“He was the public image of the talks, the figure who attracted publicity, who appeared on the covers of magazines the world over … it seemed he was enjoying the spotlight.”
When Varoufakis outlined a backup strategy that included creating a secondary currency as well as distributing coupons to retirees, Tsipras said he realised it was game over questioning Varoufakis: “Can you be serious?”
Lasting Criticism
In the book, Tsipras concludes that his former ally had proved himself to be “unfit for a deal that required intricate and delicate management.”
He also claimed that his confrontational approach made him increasingly isolated among peers, put Greece at risk, while helped hardliners who were pushing for Grexit.
The retelling of history has provoked fury and shock in some quarters, whereas the former minister has kept a conspicuous quiet on the matter.
