Within his recently unveiled personal account, called Ithaki, the former leader Alexis Tsipras pulls no punches while he reflects on that chaotic period during Greece's economic turmoil.
An Unconventional Choice
According to the ex-PM's version, Tsipras chose the maverick academic Yanis Varoufakis as his finance minister mainly due to the latter's worldwide fame along with his very persuasive skills when it came to communicator.
“In reality, he was, actually, more of a star rather than an economist,” wrote the 51-year-old.
Conflicting Agendas
Tsipras suggests that Varoufakis had his own agenda that included promoting his books and testing out his own economic models using Greece rather than genuinely fighting for the country's economic stability.
Tsipras noted that those talks to avoid bankruptcy were “not just a method of achieving improved terms for the country. They were a test, a monumental opportunity to prove the truth of his theories.”
Critical Negotiations
During volatile negotiations, the country came perilously on the brink of leaving the single currency area.
At stake lay both the country's destiny but also the harsh cutbacks required in return for rescue loans from international creditors.
Failed Options
Efforts to secure funds from other sources, including a desperate appeal to Russia to buy Greek bonds, fell on stony ground.
Assisting Greece would be tantamount to throwing money into the garbage, the Russian leader reportedly told Tsipras during their meeting.
Public Vote Followed by U-Turn
That summer, the excoriating conditions were put to a public vote, a move that plunged the EU into deeper existential crisis.
Although the vote was carried decisively by those against the cuts, Tsipras had little option to reject its outcome then negotiate a bailout package with creditors that turned out to be even harsher.
Breaking Point
Tsipras claimed how he began to doubt his finance minister quite early on.
“He was the public image of negotiation, the man who drew publicity, who appeared on the front pages of magazines globally … he gave the impression he relished his new role.”
When Varoufakis outlined a backup strategy that included establishing a parallel currency and distributing coupons to retirees, the leader knew it was the end and asked him: “Can you be serious?”
Enduring Criticism
Within the memoir, Tsipras asserts how his former ally had proved himself “unfit for an agreement demanding intricate and sensitive management.”
Tsipras further wrote that his aggressive style left him more and more alone with colleagues, put Greece at risk, and helped hawks that were advocating Grexit.
This retelling of history has provoked anger and shock in some quarters, whereas the former minister has so far kept a deafening silence regarding these claims.
