Within his newly released memoir, called Ithaki, the ex- leader Alexis Tsipras spares no criticism while he examines that turbulent era during Greece's debt drama.
A Controversial Choice
In Tsipras's account, he selected the unorthodox economist Yanis Varoufakis as the finance minister largely due to the latter's worldwide fame and Varoufakis's very persuasive skills when it came to speaker.
“In reality, he was, truthfully, more like a star and less of an economist,” stated Tsipras.
Conflicting Agendas
The former leader suggests that Varoufakis had a personal motives which included promoting Varoufakis's publications and experimenting with his own theories on Greece instead of genuinely advocating its financial survival.
He explained how those discussions to prevent bankruptcy became “not only a way to secure improved terms for the country. They became an experiment, an historic chance to prove the validity of his ideas.”
High-Stakes Talks
Amid rollercoaster negotiations, Greece came dangerously close to exiting the eurozone.
At stake lay both the country's destiny but also those harsh cutbacks demanded in exchange for rescue loans from international creditors.
Unsuccessful Alternatives
Efforts to find financing elsewhere, including an urgent plea to Russia to purchase Greek government bonds, fell on stony ground.
Assisting the indebted country would be equivalent to throwing money into the garbage, Putin is reputed to have informed his Greek counterpart during their meeting.
Referendum and Reversal
In July 2015, the punitive conditions were subjected to a popular referendum, a move that threw the EU into deeper crisis of identity.
Even though the referendum was won resoundingly by voters against the cuts, the prime minister had little option to ignore the result and negotiate a rescue deal with creditors which turned out to be more severe.
Final Straw
Tsipras revealed how he started questioning his finance minister quite early on.
“He was the public image of negotiation, the figure who drew media attention, who appeared on the front pages of magazines the world over … it seemed he relished his new role.”
When Varoufakis outlined a backup strategy involving establishing a parallel currency as well as issuing vouchers to pensioners, the leader said he realised it was game over and asked Varoufakis: “Can you be serious?”
Lasting Rebuke
In the memoir, the author concludes how Varoufakis had proved himself “unsuitable for a deal demanding complex and delicate handling.”
He further wrote that Varoufakis's confrontational approach left him increasingly isolated with colleagues, put Greece at risk, while helped hardliners who were pushing for a Greek exit from the euro.
The retelling of events has provoked fury and stunned disbelief among certain groups, while the former minister has kept a conspicuous quiet regarding these claims.
