In a newly released personal account, named Ithaki, the ex- premier Alexis Tsipras pulls no punches as he reflects on that turbulent era of Greece's financial crisis.
An Unconventional Appointment
In Tsipras's version, Tsipras appointed that maverick academic Yanis Varoufakis to be the finance minister primarily because of the latter's global profile and his very persuasive abilities when it came to public orator.
“He was, truthfully, more like a personality rather than an economist,” wrote the 51-year-old.
Clashing Agendas
Tsipras alleges that Varoufakis had a personal motives that included promoting Varoufakis's publications as well as testing out his game theories using the nation rather than genuinely advocating its financial survival.
Tsipras explained that those talks to stave off insolvency were “not only a way to secure a better deal for Greece. They were an experiment, an historic opportunity to prove the validity of his ideas.”
High-Stakes Talks
During volatile discussions, the country came dangerously close to leaving the single currency area.
At stake was not only Greece's destiny and those severe austerity measures required in exchange for bailout funds by foreign lenders.
Unsuccessful Options
Efforts to secure financing elsewhere, including an urgent appeal to Russia to purchase Greek bonds, went unanswered.
Assisting the indebted country would be equivalent to tossing cash in the trash-can, the Russian leader is reputed to have told his Greek counterpart in Moscow.
Public Vote Followed by U-Turn
That summer, the harsh bailout terms were subjected to a public vote, a move that threw Europe into a deeper existential crisis.
Although the referendum was won decisively by those who opposed austerity, Tsipras had little option to ignore the result and agree to a bailout package from creditors that turned out to be even harsher.
Final Straw
The ex-PM revealed that he began to doubt his finance minister quite early on.
“Varoufakis was the face of negotiation, the man who attracted media attention, who graced the front pages of publications globally … it seemed he was enjoying the spotlight.”
After Varoufakis proposed a backup strategy that included creating a secondary currency as well as issuing coupons to retirees, the leader knew that it was the end questioning him: “Are you serious?”
Enduring Criticism
Within the memoir, the author concludes how his former ally demonstrated himself to be “unsuitable for a deal demanding complex and sensitive handling.”
Tsipras also wrote that his aggressive style made him increasingly isolated with colleagues, endangered the country, while assisted hardliners who were advocating a Greek exit from the euro.
The retelling of events has been met with anger along with stunned disbelief among certain groups, while Varoufakis has maintained a conspicuous quiet regarding these claims.
