Within his newly released memoir, called Ithaki, the ex- prime minister Alexis Tsipras pulls no punches while he reflects on that chaotic era during Greece's financial crisis.
An Unconventional Appointment
According to the ex-PM's recollections, he appointed that maverick economist Yanis Varoufakis as the finance minister primarily due to his international reputation along with his highly compelling abilities as a communicator.
“In reality, he was, in reality, more like a personality and less of an economist,” wrote Tsipras.
Clashing Priorities
Tsipras suggests how his finance chief had his own agenda that involved advancing his publications as well as experimenting with his economic models on Greece instead of genuinely advocating the country's financial survival.
He explained that those talks to stave off bankruptcy became “not only a method of achieving improved terms for the country. They became an experiment, a monumental opportunity to prove the truth of his economic theories.”
Critical Talks
During volatile negotiations, Greece came dangerously on the brink of exiting the eurozone.
At stake lay not only Greece's destiny but also those harsh austerity policies demanded in return for rescue loans from international creditors.
Failed Options
Attempts to find financing from other sources, including an urgent plea to Russia to buy Greek bonds, went unanswered.
Helping Greece was tantamount to throwing money in the trash-can, the Russian leader is reputed to have informed Tsipras during their meeting.
Public Vote Followed by Reversal
In July 2015, the punitive bailout terms were subjected to a popular referendum, an action which threw Europe into a further existential crisis.
Even though the referendum was won decisively by those against the cuts, the prime minister had little option but to reject its outcome and negotiate a rescue deal with foreign lenders that proved to be even harsher.
Final Straw
Tsipras revealed that he started questioning Varoufakis quite early on.
“Varoufakis was the face of negotiation, the figure who attracted media attention, who appeared on the front pages of magazines globally … it seemed he relished the spotlight.”
After the minister proposed a contingency plan involving creating a secondary currency and distributing vouchers to retirees, Tsipras knew it was game over and asked Varoufakis: “Can you be serious?”
Lasting Rebuke
Within the memoir, the author concludes that his former ally had proved himself to be “unfit for an agreement that required complex and delicate management.”
Tsipras further claimed how Varoufakis's aggressive approach made him increasingly isolated with colleagues, put Greece at risk, and helped hardliners who were advocating Grexit.
This account of history has been met with fury and shock among certain groups, while the former minister has maintained a deafening silence regarding these claims.
