In a freshly published memoir, called Ithaki, the former prime minister Alexis Tsipras spares no criticism as he examines the turbulent period of Greece's economic turmoil.
A Controversial Choice
According to the ex-PM's version, Tsipras chose the unorthodox economist Yanis Varoufakis to be his finance minister largely due to his international reputation and Varoufakis's highly compelling skills when it came to speaker.
“He was, truthfully, more of a celebrity and less of an economic expert,” recalled Tsipras.
Clashing Agendas
The former leader claims how Varoufakis possessed his own agenda which included advancing his publications as well as experimenting with his own theories on the nation instead of truly fighting for the country's financial survival.
Tsipras explained how the talks to avoid bankruptcy were “not only a method of achieving improved terms for Greece. They became an experiment, a monumental chance to prove the validity of Varoufakis's ideas.”
Critical Talks
Amid rollercoaster negotiations, the country found itself perilously on the brink of exiting the single currency area.
On the line lay both the country's future but also the severe cutbacks demanded in exchange for bailout funds from international creditors.
Failed Options
Efforts to find funds from other sources, including an urgent plea to the Kremlin to buy Greek bonds, went unanswered.
Helping the indebted country was tantamount to tossing cash in the trash-can, Putin reportedly informed Tsipras during their meeting.
Referendum and U-Turn
In July 2015, the harsh bailout terms were subjected to a public vote, an action that plunged Europe into deeper crisis of identity.
Even though the vote was won resoundingly by those who opposed the cuts, Tsipras had little option but to ignore the result and negotiate a rescue deal from foreign lenders that proved to be even harsher.
Breaking Point
Tsipras revealed how he started questioning his finance minister relatively soon.
“Varoufakis was the face of negotiation, the figure who attracted publicity, who appeared on the front pages of magazines globally … he gave the impression he relished the spotlight.”
When the minister outlined a backup strategy that included establishing a secondary currency and distributing coupons to pensioners, Tsipras said he realised that it was the end and asked him: “Are you serious?”
Enduring Criticism
In the memoir, the author concludes that his former ally demonstrated himself “unsuitable for a deal that required complex and delicate handling.”
Tsipras also claimed how Varoufakis's aggressive approach made him more and more alone with colleagues, put Greece at risk, and helped hardliners who were pushing for Grexit.
The account of history has been met with anger along with shock in some quarters, whereas Varoufakis has so far kept a deafening silence on the matter.
