In a freshly published memoir, called Ithaki, the former premier Alexis Tsipras does not hold back while he examines that turbulent period during Greece's financial crisis.
A Controversial Appointment
As per the ex-PM's account, Tsipras chose the maverick academic Yanis Varoufakis as his finance minister largely due to the latter's global profile and Varoufakis's highly compelling skills when it came to communicator.
“He was, truthfully, more of a personality and less of an economic expert,” wrote the 51-year-old.
Clashing Priorities
Tsipras claims that Varoufakis possessed his own agenda that involved promoting Varoufakis's publications and experimenting with his theories using the nation instead of genuinely advocating the country's economic stability.
Tsipras explained that the discussions to avoid insolvency became “not just a way to secure a better deal for the country. They were a test, an historic chance to demonstrate the truth of his economic theories.”
Critical Talks
During volatile negotiations, the country found itself dangerously close to exiting the single currency area.
At stake lay not only Greece's destiny and those harsh cutbacks required in return for financial aid by foreign lenders.
Failed Alternatives
Efforts to find funds from other sources, such as an urgent plea to Russia to purchase Greek government bonds, fell on stony ground.
Assisting the indebted country was equivalent to throwing money in the trash-can, Putin reportedly told Tsipras in Moscow.
Referendum Followed by Reversal
In July 2015, those excoriating conditions were put to a popular referendum, an action that threw the EU into a deeper existential crisis.
Even though the vote was won resoundingly by voters against the cuts, Tsipras had little option but to reject its outcome and agree to a rescue deal from foreign lenders which proved to be more severe.
Final Straw
The ex-PM revealed that he began to doubt Varoufakis relatively soon.
“He was the public image of negotiation, the man who drew media attention, who graced the front pages of magazines the world over … it seemed he was enjoying the spotlight.”
After the minister proposed a backup strategy that included creating a secondary currency as well as distributing coupons to pensioners, the leader said he realised it was the end and asked him: “Are you serious?”
Lasting Rebuke
In the memoir, Tsipras asserts that his former ally had proved himself to be “unsuitable for a deal that required complex and delicate handling.”
Tsipras also wrote that Varoufakis's aggressive approach made him increasingly isolated with colleagues, put Greece at risk, while assisted hardliners that were advocating Grexit.
This retelling of history has been met with fury and stunned disbelief among certain groups, whereas the former minister has so far kept a conspicuous quiet on the matter.
