In a freshly published memoir, titled Ithaki, the former prime minister Alexis Tsipras pulls no punches as he examines that turbulent era during Greece's financial crisis.
An Unconventional Choice
According to Tsipras's recollections, he selected the unorthodox economist Yanis Varoufakis as his finance minister mainly because of his international reputation along with Varoufakis's highly compelling skills as a public orator.
“He was, in reality, more like a star and less of an economic expert,” recalled the 51-year-old.
Clashing Priorities
The former leader alleges how his finance chief possessed a personal motives which included advancing his publications as well as testing out his economic models on Greece rather than truly advocating the country's financial survival.
He explained how those talks to prevent insolvency were “not only a way of achieving a better deal for Greece. They became a test, a monumental chance to prove the truth of his theories.”
Critical Talks
Amid rollercoaster discussions, the country found itself dangerously on the brink of exiting the eurozone.
On the line was both Greece's future but also those punishing austerity policies demanded in return for financial aid by international creditors.
Failed Options
Efforts to secure funds from other sources, including an urgent appeal to Russia to buy Greek bonds, were rejected.
Helping the indebted country would be tantamount to tossing cash into the garbage, Putin reportedly informed his Greek counterpart in Moscow.
Public Vote and Reversal
In July 2015, the excoriating bailout terms were subjected to a public vote, an action which plunged Europe into deeper existential crisis.
Even though the referendum was carried decisively by those against the cuts, the prime minister was forced to ignore the result and negotiate a rescue deal from creditors that turned out to be even harsher.
Final Straw
The ex-PM claimed how he started questioning his finance minister relatively soon.
“He was the public image of negotiation, the figure who attracted media attention, who graced the covers of publications globally … it seemed he was enjoying his new role.”
When the minister outlined a backup strategy involving creating a parallel currency and issuing vouchers to retirees, Tsipras said he realised that it was game over and asked Varoufakis: “Are you serious?”
Lasting Criticism
In the memoir, the author concludes how his former ally had proved himself “unfit for an agreement that required intricate and delicate handling.”
He further claimed that Varoufakis's aggressive style made him more and more alone among peers, put Greece at risk, and assisted hawks that were advocating a Greek exit from the euro.
The retelling of history has provoked anger and shock in some quarters, while Varoufakis has so far kept a conspicuous quiet on the matter.
