In a recently unveiled memoir, called Ithaki, the former prime minister Alexis Tsipras pulls no punches while he revisits the turbulent era of Greece's economic turmoil.
An Unconventional Appointment
As per the ex-PM's version, he chose that unorthodox economist Yanis Varoufakis as the finance minister largely because of the latter's global profile and Varoufakis's “extremely attractive” abilities when it came to speaker.
“In reality, he was, actually, more like a celebrity rather than an economist,” wrote Tsipras.
Conflicting Priorities
The former leader alleges how his finance chief possessed his own motives which included advancing his books and testing out his economic models using the nation instead of genuinely fighting for its financial survival.
He wrote how the talks to avoid bankruptcy were “not just a method to secure a better deal for the country. They were a test, an historic chance to demonstrate the truth of Varoufakis's economic theories.”
High-Stakes Negotiations
Amid rollercoaster discussions, Greece came perilously on the brink of leaving the eurozone.
At stake was both the country's destiny but also the punishing austerity policies demanded in exchange for rescue loans by foreign lenders.
Failed Options
Efforts to find financing elsewhere, including an urgent plea to Russia to purchase Greek bonds, were rejected.
Assisting Greece was equivalent to throwing money 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 punitive conditions were put to a popular referendum, a move which plunged Europe into further crisis of identity.
Even though the referendum was won resoundingly by those against the cuts, the prime minister had little option but to reject its outcome and agree to a rescue deal from creditors that proved to be tougher.
Final Straw
The ex-PM revealed that he started questioning Varoufakis relatively soon.
“Varoufakis was the public image of the talks, the figure who attracted media attention, who appeared on the front pages of publications the world over … he gave the impression he was enjoying the spotlight.”
After Varoufakis proposed a contingency plan involving establishing a parallel currency and issuing vouchers to retirees, Tsipras said he realised that it was the end questioning Varoufakis: “Are you serious?”
Enduring Rebuke
In the memoir, the author asserts that his former ally had proved himself “unsuitable for an agreement that required intricate and delicate management.”
Tsipras further wrote how Varoufakis's aggressive style made him increasingly isolated with colleagues, put Greece at risk, and helped hardliners who were advocating a Greek exit from the euro.
The retelling of history has provoked anger along with stunned disbelief in some quarters, while the former minister has kept a deafening silence on the matter.
