In a freshly published personal account, titled Ithaki, the former premier Alexis Tsipras pulls no punches while he revisits that chaotic period during Greece's financial crisis.
A Controversial Choice
In the ex-PM's recollections, he chose the unorthodox economist Yanis Varoufakis to be his treasury head largely because of his global profile and Varoufakis's very persuasive skills as a communicator.
“He was, in reality, more like a celebrity and less of an economist,” stated the 51-year-old.
Conflicting Priorities
The former leader suggests that his finance chief possessed his own agenda which involved promoting his publications and experimenting with his game theories using the nation instead of genuinely fighting for the country's economic stability.
He wrote that those negotiations to avoid bankruptcy were “not just a way of achieving a better deal for the country. They were a test, a monumental opportunity to demonstrate the truth of his theories.”
High-Stakes Talks
During volatile negotiations, Greece came perilously close to leaving the eurozone.
At stake lay both Greece's destiny and those severe cutbacks required in return for bailout funds from international creditors.
Failed Options
Efforts to find funds elsewhere, including a desperate plea to the Kremlin to purchase Greek bonds, were rejected.
Assisting the indebted country would be tantamount to throwing money into the garbage, Putin reportedly told his Greek counterpart in Moscow.
Referendum and U-Turn
In July 2015, those harsh conditions were subjected to a popular referendum, an action which plunged Europe into a deeper existential crisis.
Although the referendum was won decisively by those who opposed the cuts, the prime minister was forced but to ignore the result then agree to a bailout package with creditors which turned out to be even harsher.
Breaking Point
The ex-PM revealed how he started questioning his finance minister quite early on.
“Varoufakis was the face of the talks, the figure who drew publicity, who graced the covers of publications globally … it seemed he relished his new role.”
When Varoufakis outlined a backup strategy involving establishing a parallel currency and distributing vouchers to pensioners, the leader said he realised that it was the end questioning him: “Can you be serious?”
Enduring Rebuke
In the memoir, Tsipras concludes that his former ally had proved himself to be “unfit for an agreement demanding intricate and delicate management.”
Tsipras further wrote that Varoufakis's confrontational approach made him more and more alone among peers, endangered the country, while helped hawks who were advocating Grexit.
The retelling of events has been met with fury and stunned disbelief among certain groups, while the former minister has so far maintained a deafening silence regarding these claims.
