Within his recently unveiled memoir, titled Ithaki, the ex- leader Alexis Tsipras spares no criticism while he reflects on that turbulent era of Greece's debt drama.
An Unconventional Appointment
According to the ex-PM's account, he selected that unorthodox economist Yanis Varoufakis as his treasury head largely because of his international reputation along with his highly compelling skills when it came to communicator.
“In reality, he was, in reality, more of a star rather than an economic expert,” recalled Tsipras.
Conflicting Agendas
Tsipras suggests that his finance chief had a personal agenda which involved promoting Varoufakis's books as well as testing out his theories using Greece rather than truly advocating its financial survival.
Tsipras explained how those negotiations to stave off insolvency became “not just a method to secure improved terms for Greece. They became an experiment, an historic opportunity to prove the truth of his theories.”
High-Stakes Talks
Amid rollercoaster discussions, the country came dangerously close to exiting the single currency area.
At stake lay both the country's future and those harsh cutbacks demanded in return for financial aid from foreign lenders.
Unsuccessful Options
Efforts to secure financing from other sources, such as an urgent plea to Russia to buy Greek bonds, went unanswered.
Helping the indebted country was equivalent to tossing cash in the trash-can, the Russian leader is reputed to have informed Tsipras in Moscow.
Referendum Followed by U-Turn
In July 2015, those harsh bailout terms were put to a popular referendum, a move that plunged Europe into deeper existential crisis.
Even though the vote was carried decisively by voters who opposed austerity, the prime minister had little option but to ignore the result then negotiate a rescue deal with foreign lenders which proved to be more severe.
Final Straw
Tsipras revealed how he began to doubt his finance minister relatively soon.
“Varoufakis was the public image of negotiation, the figure who attracted publicity, who graced the front pages of magazines globally … it seemed he relished the spotlight.”
When Varoufakis outlined a contingency plan that included creating a secondary currency and distributing vouchers to pensioners, the leader knew it was the end questioning Varoufakis: “Is this for real?”
Lasting Criticism
In the book, the author concludes how his former ally had proved himself “unsuitable for an agreement that required complex and delicate management.”
He also wrote that his aggressive approach left him more and more alone with colleagues, endangered the country, while assisted hardliners that were advocating Grexit.
The account of history has provoked fury and shock among certain groups, while the former minister has kept a conspicuous quiet on the matter.
