In a freshly published personal account, called Ithaki, the ex- premier Alexis Tsipras does not hold back as he reflects on that chaotic period during Greece's financial crisis.
An Unconventional Appointment
In the ex-PM's recollections, he chose that unorthodox economist Yanis Varoufakis as the finance minister largely due to his worldwide fame along with his highly compelling skills as a public orator.
“In reality, he was, truthfully, more of a star rather than an economic expert,” stated Tsipras.
Clashing Agendas
The former leader suggests how Varoufakis had his own agenda which involved advancing his publications and testing out his game theories using Greece instead of truly fighting for its financial survival.
He wrote that the negotiations to stave off insolvency became “not only a method of achieving a better deal for Greece. They were a test, an historic opportunity to demonstrate the validity of Varoufakis's theories.”
Critical Negotiations
During tense discussions, the country found itself dangerously on the brink of exiting the single currency area.
On the line lay both Greece's future and the severe austerity measures required in exchange for bailout funds from international creditors.
Failed Alternatives
Attempts to find financing elsewhere, including a desperate plea to the Kremlin to buy Greek bonds, were rejected.
Assisting Greece was equivalent to tossing cash into the garbage, Putin is reputed to have told Tsipras in Moscow.
Referendum Followed by U-Turn
In July 2015, the punitive bailout terms were put to a public vote, an action that threw Europe into a deeper existential crisis.
Although the referendum was won decisively by those against the cuts, the prime minister was forced but to ignore the result then negotiate a bailout package with foreign lenders that turned out to be tougher.
Final Straw
The ex-PM claimed that he began to doubt Varoufakis relatively soon.
“He was the public image of negotiation, the man who attracted publicity, who appeared on the front pages of magazines the world over … he gave the impression he relished his new role.”
After Varoufakis outlined a backup strategy involving establishing a secondary currency and issuing coupons to pensioners, the leader knew that it was the end questioning Varoufakis: “Are you serious?”
Enduring Rebuke
In the memoir, Tsipras asserts how Varoufakis had proved himself to be “unfit for a deal that required complex and sensitive handling.”
Tsipras also wrote that Varoufakis's aggressive approach made him increasingly isolated with colleagues, endangered the country, while helped hawks that were advocating Grexit.
The account of history has provoked anger along with shock in some quarters, while the former minister has so far kept a deafening silence regarding these claims.
