Within his freshly published autobiography, called Ithaki, the former premier Alexis Tsipras spares no criticism while he reflects on that turbulent period during Greece's debt drama.
An Unconventional Appointment
In Tsipras's account, he chose the maverick economist Yanis Varoufakis as his finance minister primarily due to the latter's worldwide fame along with his highly compelling abilities as a public orator.
“He was, in reality, more of a personality rather than an economist,” recalled the 51-year-old.
Clashing Priorities
Tsipras alleges that Varoufakis had a personal agenda which included promoting Varoufakis's publications as well as experimenting with his own theories on Greece instead of truly advocating its financial survival.
He wrote that those talks to prevent bankruptcy became “not only a method of achieving improved terms for Greece. They became an experiment, an historic chance to prove the truth of Varoufakis's ideas.”
Critical Talks
During tense discussions, Greece came dangerously on the brink of leaving the single currency area.
On the line lay not only Greece's destiny and the harsh austerity policies demanded in exchange for bailout funds by foreign lenders.
Unsuccessful Alternatives
Attempts to find funds from other sources, including a desperate appeal to the Kremlin to purchase Greek bonds, went unanswered.
Helping Greece would be equivalent to tossing cash in the trash-can, Putin reportedly told his Greek counterpart in Moscow.
Public Vote and Reversal
In July 2015, the harsh bailout terms were subjected to a public vote, an action that threw the EU into a further existential crisis.
Although the referendum was won decisively by those who opposed the cuts, Tsipras was forced to ignore the result then agree to a rescue deal from foreign lenders that turned out to be tougher.
Final Straw
The ex-PM claimed how he started questioning Varoufakis relatively soon.
“He was the face of the talks, the figure who attracted media attention, who graced the covers of magazines globally … it seemed he was enjoying the spotlight.”
When Varoufakis proposed a backup strategy that included creating a secondary currency and distributing coupons to retirees, Tsipras knew it was game over and asked Varoufakis: “Can you be serious?”
Enduring Rebuke
Within the memoir, the author concludes that his former ally had proved himself to be “unfit for a deal that required complex and sensitive handling.”
Tsipras also wrote how his confrontational approach made him more and more alone with colleagues, put Greece at risk, and helped hardliners who were advocating Grexit.
The retelling of events has provoked fury and shock among certain groups, whereas the former minister has maintained a deafening silence on the matter.
