Within his newly released memoir, named Ithaki, the ex- leader Alexis Tsipras pulls no punches as he examines that chaotic period during Greece's economic turmoil.
An Unconventional Choice
According to Tsipras's account, he chose the unorthodox academic Yanis Varoufakis as the finance minister mainly due to the latter's global profile along with his very persuasive abilities as a communicator.
“In reality, he was, actually, more like a star and less of an economist,” recalled Tsipras.
Clashing Agendas
The former leader alleges that Varoufakis had his own motives which included promoting Varoufakis's books as well as testing out his theories using the nation rather than truly fighting for the country's economic stability.
Tsipras wrote that those talks to stave off bankruptcy became “not just a way of achieving a better deal for the country. They became an experiment, a monumental chance to demonstrate the validity of Varoufakis's economic theories.”
Critical Negotiations
Amid volatile discussions, the country came dangerously close to leaving the eurozone.
On the line lay not only Greece's destiny and the severe cutbacks demanded in exchange for bailout funds by foreign lenders.
Failed Options
Efforts to find funds from other sources, including an urgent appeal to the Kremlin to purchase Greek bonds, fell on stony ground.
Helping Greece would be tantamount to throwing money in the trash-can, Putin is reputed to have told Tsipras in Moscow.
Public Vote and Reversal
In July 2015, those harsh bailout terms were subjected to a public vote, an action which threw Europe into a deeper existential crisis.
Although the vote was carried resoundingly by voters against the cuts, the prime minister was forced to reject its outcome and agree to a rescue deal from creditors which turned out to be tougher.
Breaking Point
The ex-PM revealed how he started questioning his finance minister quite early on.
“Varoufakis was the public image of negotiation, the figure who drew media attention, who graced the covers of magazines globally … he gave the impression he relished his new role.”
After the minister outlined a contingency plan involving establishing a secondary currency as well as distributing coupons to pensioners, Tsipras said he realised it was the end and asked him: “Is this for real?”
Enduring Rebuke
Within the book, Tsipras asserts that his former ally demonstrated himself to be “unfit for a deal that required intricate and sensitive management.”
Tsipras further claimed that his aggressive approach made him increasingly isolated among peers, put Greece at risk, and helped hardliners that were advocating Grexit.
This account of events has provoked anger along with shock among certain groups, whereas the former minister has maintained a deafening silence on the matter.
