Within his freshly published memoir, named Ithaki, the former premier Alexis Tsipras pulls no punches as he revisits that chaotic era of Greece's financial crisis.
An Unconventional Choice
According to the ex-PM's version, he appointed that maverick economist Yanis Varoufakis to be his finance minister largely due to the latter's global profile along with his “extremely attractive” abilities as a communicator.
“In reality, he was, actually, more of a star and less of an economic expert,” stated the 51-year-old.
Conflicting Agendas
The former leader alleges how Varoufakis had a personal agenda which included advancing his books and testing out his own economic models using Greece instead of truly advocating the country's economic stability.
Tsipras noted that those talks to stave off bankruptcy were “not only a way of achieving improved terms for Greece. They became an experiment, an historic chance to prove the validity of Varoufakis's theories.”
High-Stakes Talks
Amid rollercoaster discussions, the country came perilously on the brink of leaving the eurozone.
At stake was both Greece's destiny and those punishing austerity measures demanded in exchange for financial aid from international creditors.
Unsuccessful Alternatives
Efforts to find funds elsewhere, including a desperate appeal to the Kremlin to buy Greek government bonds, went unanswered.
Helping Greece was tantamount to tossing cash into the garbage, Putin reportedly informed his Greek counterpart during their meeting.
Referendum Followed by U-Turn
In July 2015, the punitive bailout terms were subjected to a public vote, an action that plunged the EU into further crisis of identity.
Even though the referendum was won decisively by voters who opposed austerity, the prime minister had little option to ignore the result then negotiate a rescue deal from creditors which turned out to be more severe.
Final Straw
The ex-PM claimed that he began to doubt his finance minister relatively soon.
“He was the public image of the talks, the figure who drew media attention, who appeared on the covers of magazines globally … he gave the impression he relished the spotlight.”
After Varoufakis outlined a backup strategy that included creating a secondary currency and distributing coupons to pensioners, the leader knew it was game over and asked Varoufakis: “Are you serious?”
Lasting Rebuke
In the book, Tsipras asserts how his former ally demonstrated himself to be “unfit for an agreement that required intricate and sensitive management.”
Tsipras also wrote how Varoufakis's confrontational style made him more and more alone with colleagues, endangered the country, while helped hawks that were pushing for a Greek exit from the euro.
The account of history has been met with fury and shock in some quarters, whereas Varoufakis has kept a deafening silence on the matter.
