In a recently unveiled memoir, named Ithaki, the ex- premier Alexis Tsipras spares no criticism while he reflects on the chaotic period of Greece's financial crisis.
A Controversial Appointment
According to the ex-PM's version, he chose that maverick economist Yanis Varoufakis to be the finance minister largely because of the latter's international reputation along with his highly compelling skills as a speaker.
“He was, actually, more of a personality rather than an economic expert,” stated Tsipras.
Conflicting Priorities
Tsipras claims that his finance chief possessed his own agenda which included advancing his books as well as experimenting with his economic models on Greece rather than genuinely advocating the country's economic stability.
He explained that those negotiations to avoid insolvency became “not only a way of achieving improved terms for the country. They were an experiment, an historic opportunity to demonstrate the validity of his ideas.”
High-Stakes Negotiations
During rollercoaster negotiations, the country came perilously close to exiting the eurozone.
At stake was both Greece's future but also the harsh cutbacks demanded in return for financial aid from international creditors.
Unsuccessful Alternatives
Efforts to find funds from other sources, such as a desperate plea to the Kremlin to purchase Greek government bonds, were rejected.
Helping Greece would be equivalent to tossing cash into the garbage, the Russian leader reportedly informed Tsipras during their meeting.
Public Vote Followed by U-Turn
In July 2015, those punitive bailout terms were subjected to a popular referendum, a move which plunged Europe into deeper crisis of identity.
Even though the referendum was carried resoundingly by voters against the cuts, the prime minister was forced but to reject its outcome then agree to a rescue deal with creditors that proved to be tougher.
Final Straw
The ex-PM revealed how he began to doubt Varoufakis relatively soon.
“Varoufakis was the face of the talks, the figure who attracted publicity, who appeared on the front pages of magazines globally … he gave the impression he was enjoying his new role.”
After the minister proposed a contingency plan that included establishing a secondary currency as well as issuing coupons to pensioners, the leader said he realised that it was the end and asked Varoufakis: “Can you be serious?”
Lasting Criticism
Within the memoir, the author concludes how his former ally demonstrated himself “unsuitable for an agreement demanding intricate and sensitive handling.”
Tsipras further wrote that 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 been met with anger and stunned disbelief among certain groups, while Varoufakis has maintained a deafening silence on the matter.
