In a freshly published memoir, called Ithaki, the ex- prime minister Alexis Tsipras spares no criticism while he revisits that chaotic period during Greece's debt drama.
An Unconventional Appointment
According to the ex-PM's recollections, Tsipras chose the maverick academic Yanis Varoufakis as his treasury head primarily due to the latter's global profile and Varoufakis's very persuasive abilities when it came to speaker.
“He was, actually, more like a celebrity and less of an economist,” wrote Tsipras.
Clashing Priorities
The former leader claims how Varoufakis had a personal agenda which included advancing Varoufakis's publications as well as experimenting with his own economic models using Greece rather than truly advocating the country's economic stability.
Tsipras explained how those talks to prevent bankruptcy became “not just a way of achieving a better deal for the country. They became a test, a monumental chance to demonstrate the truth of his theories.”
High-Stakes Talks
Amid tense negotiations, the country came dangerously close to leaving the eurozone.
On the line was not only Greece's future and those punishing austerity policies demanded in exchange for financial aid by international creditors.
Unsuccessful Alternatives
Efforts to secure financing elsewhere, such as an urgent plea to the Kremlin to purchase Greek government bonds, fell on stony ground.
Assisting the indebted country would be tantamount to throwing money in the trash-can, Putin is reputed to have informed Tsipras during their meeting.
Public Vote and U-Turn
That summer, those excoriating bailout terms were put to a popular referendum, a move which plunged the EU into further existential crisis.
Although the vote was carried resoundingly by voters against the cuts, Tsipras had little option to ignore the result and negotiate a bailout package from foreign lenders that turned out to be more severe.
Breaking Point
The ex-PM revealed how he began to doubt Varoufakis relatively soon.
“Varoufakis was the public image of the talks, the figure who attracted media attention, who appeared on the covers of magazines the world over … it seemed he was enjoying the spotlight.”
After Varoufakis proposed a contingency plan involving establishing a secondary currency as well as issuing vouchers to pensioners, the leader said he realised that it was the end and asked Varoufakis: “Is this for real?”
Lasting Rebuke
In the memoir, the author concludes how his former ally had proved himself “unsuitable for an agreement demanding complex and sensitive management.”
He further claimed how his confrontational approach left him more and more alone with colleagues, put Greece at risk, and helped hawks that were advocating Grexit.
The retelling of events has been met with anger along with shock among certain groups, while the former minister has so far kept a conspicuous quiet regarding these claims.
