Within his freshly published memoir, named Ithaki, the ex- prime minister Alexis Tsipras does not hold back as he reflects on that turbulent period during Greece's economic turmoil.
An Unconventional Choice
In the ex-PM's account, Tsipras chose that maverick economist Yanis Varoufakis as his finance minister largely because of the latter's international reputation and his very persuasive skills when it came to communicator.
“He was, actually, more like a personality and less of an economist,” stated the 51-year-old.
Conflicting Agendas
The former leader suggests that Varoufakis had a personal motives that involved advancing Varoufakis's publications as well as experimenting with his own economic models on the nation instead of truly advocating its financial survival.
He noted how the talks to prevent insolvency became “not only a method to secure a better deal for Greece. They were an experiment, an historic chance to prove the validity of his economic theories.”
High-Stakes Negotiations
Amid rollercoaster negotiations, Greece found itself perilously close to leaving the single currency area.
On the line was not only Greece's destiny but also the punishing austerity measures required in exchange for financial aid from international creditors.
Unsuccessful Alternatives
Efforts to secure funds elsewhere, including a desperate appeal to Russia to purchase Greek government bonds, fell on stony ground.
Helping the indebted country was tantamount to throwing money in the trash-can, Putin is reputed to have told Tsipras in Moscow.
Public Vote Followed by U-Turn
That summer, the excoriating bailout terms were subjected to a popular referendum, a move that plunged the EU into further existential crisis.
Even though the referendum was carried resoundingly by those who opposed austerity, the prime minister had little option to reject its outcome and agree to a rescue deal with creditors which turned out to be more severe.
Final Straw
The ex-PM claimed how he began to doubt Varoufakis relatively soon.
“He was the public image of negotiation, the man who drew media attention, who appeared on the front pages of publications globally … it seemed he relished the spotlight.”
After Varoufakis proposed a contingency plan involving establishing a secondary currency and issuing coupons to pensioners, the leader said he realised that it was game over questioning him: “Can you be serious?”
Lasting Criticism
Within the book, the author concludes that his former ally demonstrated himself to be “unfit for an agreement demanding complex and delicate handling.”
He also wrote how Varoufakis's aggressive approach left him more and more alone among peers, put Greece at risk, and assisted hardliners that were pushing for Grexit.
This retelling of events has been met with anger and stunned disbelief among certain groups, while the former minister has so far kept a deafening silence on the matter.
