Within his newly released memoir, named Ithaki, the former prime minister Alexis Tsipras spares no criticism while he reflects on the turbulent period of Greece's economic turmoil.
An Unconventional Choice
According to the ex-PM's version, Tsipras chose that unorthodox economist Yanis Varoufakis to be his treasury head largely because of his global profile along with his very persuasive skills when it came to communicator.
“He was, truthfully, more of a personality and less of an economist,” recalled the 51-year-old.
Conflicting Priorities
Tsipras alleges how his finance chief had a personal agenda that included promoting his publications and testing out his own theories on the nation instead of truly advocating its economic stability.
Tsipras explained that the negotiations to stave off insolvency became “not only a method of achieving a better deal for Greece. They were an experiment, an historic opportunity to prove the truth of Varoufakis's theories.”
Critical Negotiations
During volatile negotiations, the country came perilously close to leaving the single currency area.
At stake lay both Greece's future but also the severe cutbacks required in return for financial aid from foreign lenders.
Unsuccessful Alternatives
Efforts to secure financing elsewhere, including an urgent plea to Russia to buy Greek bonds, went unanswered.
Helping Greece was tantamount to tossing cash into the garbage, the Russian leader is reputed to have told his Greek counterpart during their meeting.
Public Vote Followed by U-Turn
That summer, the excoriating bailout terms were put to a popular referendum, an action that plunged the EU into deeper crisis of identity.
Although the referendum was won resoundingly by voters against austerity, the prime minister had little option to ignore the result then agree to a rescue deal from creditors which proved to be tougher.
Breaking Point
The ex-PM revealed how he started questioning Varoufakis relatively soon.
“He was the face of the talks, the man who attracted media attention, who appeared on the covers of magazines globally … he gave the impression he was enjoying the spotlight.”
After the minister proposed a backup strategy involving creating a parallel currency and issuing coupons to retirees, Tsipras said he realised that it was game over and asked him: “Is this for real?”
Enduring Criticism
In the book, the author concludes that his former ally demonstrated himself “unsuitable for a deal that required intricate and sensitive management.”
Tsipras also wrote how his confrontational style left him increasingly isolated with colleagues, endangered the country, and helped hawks that were advocating a Greek exit from the euro.
The account of events has been met with anger along with stunned disbelief among certain groups, while the former minister has so far maintained a deafening silence on the matter.