Within his recently unveiled memoir, named Ithaki, the former prime minister Alexis Tsipras pulls no punches while he revisits that turbulent era during Greece's economic turmoil.
An Unconventional Choice
As per the ex-PM's recollections, Tsipras selected that unorthodox economist Yanis Varoufakis as the treasury head largely because of the latter's global profile and Varoufakis's very persuasive skills as a communicator.
“In reality, he was, in reality, more of a celebrity and less of an economic expert,” stated the 51-year-old.
Clashing Priorities
The former leader suggests that his finance chief possessed his own agenda that included advancing Varoufakis's publications and testing out his economic models on the nation instead of genuinely fighting for the country's financial survival.
He wrote that those discussions to avoid bankruptcy were “not just a way to secure a better deal for the country. They were an experiment, an historic opportunity to prove the truth of his economic theories.”
Critical Talks
Amid tense discussions, Greece came perilously on the brink of exiting the eurozone.
At stake was not only Greece's destiny and those severe austerity measures demanded in exchange for rescue loans by international creditors.
Failed Alternatives
Attempts to secure funds from other sources, such as a desperate appeal to the Kremlin to buy Greek bonds, were rejected.
Helping the indebted country would be equivalent to throwing money into the garbage, Putin is reputed to have told his Greek counterpart in Moscow.
Public Vote Followed by Reversal
In July 2015, the harsh bailout terms were subjected to a public vote, an action which threw the EU into a deeper crisis of identity.
Although the vote was won decisively by those who opposed the cuts, Tsipras was forced but to ignore the result and agree to a rescue deal with foreign lenders which turned out to be even harsher.
Final Straw
Tsipras claimed that he began to doubt his finance minister quite early on.
“He was the public image of the talks, the man who attracted media attention, who appeared on the covers of magazines globally … he gave the impression he relished the spotlight.”
When Varoufakis outlined a backup strategy that included establishing a parallel currency and distributing coupons to retirees, the leader said he realised that it was the end and asked him: “Is this for real?”
Enduring Criticism
Within the memoir, Tsipras concludes how Varoufakis demonstrated himself “unsuitable for a deal demanding intricate and delicate management.”
Tsipras also claimed how his confrontational style made him increasingly isolated with colleagues, endangered the country, and helped hardliners who were pushing for Grexit.
The retelling of history has provoked anger and stunned disbelief in some quarters, while the former minister has kept a conspicuous quiet on the matter.
