Within his recently unveiled memoir, called Ithaki, the ex- premier Alexis Tsipras pulls no punches as he examines that chaotic period of Greece's economic turmoil.
An Unconventional Appointment
According to the ex-PM's recollections, Tsipras appointed the unorthodox academic Yanis Varoufakis as his finance minister largely due to his global profile along with Varoufakis's “extremely attractive” abilities as a public orator.
“He was, truthfully, more like a personality rather than an economist,” recalled the 51-year-old.
Clashing Agendas
The former leader claims that Varoufakis had a personal agenda which involved promoting his books and experimenting with his economic models on the nation instead of genuinely advocating its economic stability.
Tsipras noted that those talks to avoid bankruptcy became “not just a way of achieving a better deal for Greece. They were an experiment, an historic opportunity to prove the truth of Varoufakis's ideas.”
Critical Negotiations
Amid tense discussions, Greece found itself perilously on the brink of leaving the eurozone.
On the line was not only the country's future but also those harsh austerity measures required in return for bailout funds by international creditors.
Failed Options
Efforts to secure funds elsewhere, such as a desperate plea to Russia to purchase Greek government bonds, fell on stony ground.
Assisting the indebted country was tantamount to tossing cash in the trash-can, Putin reportedly informed Tsipras in Moscow.
Referendum and Reversal
That summer, the punitive conditions were subjected to a popular referendum, a move that threw the EU into a further existential crisis.
Even though the referendum was carried decisively by those who opposed the cuts, the prime minister was forced to ignore the result and agree to a bailout package from creditors that proved to be more severe.
Final Straw
The ex-PM revealed that he began to doubt Varoufakis relatively soon.
“He was the public image of negotiation, the figure who drew 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 involving creating a secondary currency and distributing coupons to retirees, the leader said he realised it was the end and asked Varoufakis: “Are you serious?”
Lasting Criticism
Within the memoir, Tsipras concludes how his former ally demonstrated himself to be “unsuitable for a deal demanding complex and delicate handling.”
Tsipras further claimed how his aggressive approach made him more and more alone among peers, put Greece at risk, and helped hawks that were advocating Grexit.
This retelling of events has been met with fury and shock in some quarters, while the former minister has so far maintained a conspicuous quiet regarding these claims.
