In a newly released memoir, titled Ithaki, the former premier Alexis Tsipras does not hold back as he reflects on the turbulent period of Greece's economic turmoil.
A Controversial Choice
In Tsipras's recollections, Tsipras selected the maverick academic Yanis Varoufakis as his finance minister mainly due to the latter's international reputation and his very persuasive abilities as a public orator.
“In reality, he was, in reality, more of a celebrity and less of an economic expert,” stated the 51-year-old.
Conflicting Agendas
The former leader claims that his finance chief possessed a personal agenda that involved promoting Varoufakis's publications and testing out his theories on Greece instead of genuinely fighting for its economic stability.
Tsipras wrote how those negotiations to avoid bankruptcy became “not only a method of achieving a better deal for Greece. They became an experiment, a monumental opportunity to prove the truth of his economic theories.”
High-Stakes Talks
Amid volatile discussions, the country came dangerously close to leaving the eurozone.
On the line lay not only the country's destiny and the severe austerity measures required in exchange for rescue loans from foreign lenders.
Failed Options
Attempts to find financing from other sources, including an urgent plea to the Kremlin to purchase Greek bonds, went unanswered.
Helping Greece was tantamount to tossing cash in the trash-can, the Russian leader is reputed to have told Tsipras in Moscow.
Public Vote Followed by Reversal
That summer, those punitive bailout terms were put to a public vote, an action which plunged the EU into deeper crisis of identity.
Although the referendum was carried decisively by voters against austerity, the prime minister was forced to ignore the result then agree to a rescue deal with creditors which proved to be tougher.
Final Straw
The ex-PM claimed how he began to doubt Varoufakis relatively soon.
“He was the face of negotiation, the man who attracted publicity, who graced the front pages of magazines the world over … he gave the impression he relished his new role.”
After Varoufakis outlined a backup strategy that included creating a parallel currency and distributing vouchers to pensioners, the leader said he realised it was game over questioning him: “Can you be serious?”
Lasting Rebuke
In the memoir, the author asserts how his former ally demonstrated himself to be “unfit for a deal demanding intricate and sensitive handling.”
He also 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.
This retelling of events has been met with anger along with stunned disbelief among certain groups, while the former minister has so far kept a conspicuous quiet on the matter.
