In a recently unveiled memoir, called Ithaki, the former prime minister Alexis Tsipras pulls no punches as he examines the turbulent period of Greece's financial crisis.
An Unconventional Appointment
According to the ex-PM's version, he chose that maverick academic Yanis Varoufakis as his finance minister mainly due to the latter's global profile along with his highly compelling skills as a communicator.
“He was, actually, more of a personality rather than an economist,” recalled the 51-year-old.
Clashing Priorities
Tsipras alleges that Varoufakis possessed his own agenda that included promoting his books as well as experimenting with his own economic models on the nation instead of truly fighting for its economic stability.
He noted that the negotiations to prevent bankruptcy were “not only a way of achieving a better deal for Greece. They became a test, an historic chance to demonstrate the truth of Varoufakis's economic theories.”
Critical Talks
During tense negotiations, Greece came perilously close to exiting the eurozone.
On the line lay not only Greece's future but also those punishing cutbacks required in exchange for rescue loans by foreign lenders.
Unsuccessful Options
Efforts to secure funds from other sources, such as an urgent appeal to the Kremlin to buy Greek government bonds, fell on stony ground.
Assisting Greece was tantamount to tossing cash into the garbage, Putin is reputed to have informed Tsipras during their meeting.
Public Vote Followed by U-Turn
In July 2015, the punitive bailout terms were subjected to a public vote, a move which threw Europe into further existential crisis.
Even though the vote was won resoundingly by those against the cuts, Tsipras had little option but to reject its outcome then negotiate a rescue deal with creditors that turned out to be more severe.
Breaking Point
The ex-PM revealed how he started questioning his finance minister quite early on.
“Varoufakis was the public image of the talks, the man who attracted media attention, who graced the covers of magazines globally … he gave the impression he relished the spotlight.”
After the minister outlined a backup strategy that included establishing a secondary currency as well as issuing coupons to retirees, Tsipras said he realised it was game over questioning Varoufakis: “Can you be serious?”
Enduring Rebuke
Within the book, Tsipras asserts how Varoufakis had proved himself to be “unfit for an agreement that required intricate and sensitive management.”
Tsipras also claimed how his aggressive style made him more and more alone among peers, endangered the country, and assisted hardliners who were pushing for Grexit.
This account of history has provoked fury and shock in some quarters, whereas the former minister has so far maintained a conspicuous quiet on the matter.
