Within his recently unveiled autobiography, called Ithaki, the ex- premier Alexis Tsipras spares no criticism while he reflects on the chaotic era of Greece's debt drama.
An Unconventional Choice
In the ex-PM's recollections, Tsipras appointed the unorthodox academic Yanis Varoufakis to be his finance minister mainly because of his global profile and his very persuasive skills as a communicator.
“In reality, he was, truthfully, more of a celebrity and less of an economist,” wrote the 51-year-old.
Conflicting Agendas
The former leader alleges how his finance chief had a personal agenda which involved advancing Varoufakis's publications and testing out his own theories on the nation rather than genuinely fighting for its financial survival.
Tsipras explained that those negotiations to prevent bankruptcy became “not just a method to secure improved terms for Greece. They became a test, a monumental chance to prove the validity of his economic theories.”
Critical Negotiations
During volatile negotiations, the country came dangerously on the brink of leaving the single currency area.
On the line lay both the country's destiny but also the harsh cutbacks demanded in return for bailout funds from international creditors.
Unsuccessful Options
Efforts to secure funds from other sources, such as an urgent appeal to Russia to buy Greek bonds, were rejected.
Helping the indebted country would be equivalent to throwing money into the garbage, the Russian leader is reputed to have told his Greek counterpart during their meeting.
Public Vote and U-Turn
In July 2015, those punitive bailout terms were put to a public vote, a move which threw Europe into a further existential crisis.
Even though the referendum was carried resoundingly by those who opposed the cuts, Tsipras was forced to ignore the result then agree to a rescue deal with foreign lenders that turned out to be tougher.
Breaking Point
Tsipras revealed that he began to doubt his finance minister relatively soon.
“Varoufakis was the face of the talks, the man who attracted media attention, who graced the covers of publications globally … he gave the impression he relished his new role.”
After Varoufakis proposed a backup strategy that included creating a parallel currency as well as issuing vouchers to pensioners, Tsipras said he realised it was the end questioning Varoufakis: “Are you serious?”
Enduring Rebuke
Within the memoir, Tsipras concludes how his former ally had proved himself “unsuitable for an agreement that required intricate and sensitive management.”
Tsipras further claimed how Varoufakis's aggressive approach left him increasingly isolated among peers, put Greece at risk, while helped hawks who were advocating Grexit.
The retelling of history has been met with fury and stunned disbelief among certain groups, while the former minister has so far maintained a deafening silence on the matter.
