Within his freshly published memoir, titled Ithaki, the ex- leader Alexis Tsipras does not hold back as he reflects on that turbulent era of Greece's financial crisis.
An Unconventional Appointment
In the ex-PM's recollections, Tsipras appointed the unorthodox academic Yanis Varoufakis as the treasury head mainly because of his worldwide fame along with his very persuasive skills when it came to communicator.
“He was, truthfully, more of a celebrity rather than an economic expert,” stated the 51-year-old.
Clashing Agendas
Tsipras suggests how his finance chief had a personal agenda which included advancing his books as well as experimenting with his economic models using the nation rather than genuinely fighting for the country's financial survival.
He noted that the discussions to avoid bankruptcy became “not only a method of achieving a better deal for Greece. They were a test, a monumental opportunity to prove the validity of his ideas.”
High-Stakes Negotiations
Amid tense discussions, the country came dangerously on the brink of exiting the eurozone.
On the line lay both Greece's destiny and those severe austerity measures required in return for financial aid by international creditors.
Failed Alternatives
Efforts to find financing elsewhere, including an urgent plea to the Kremlin to purchase Greek government bonds, went unanswered.
Helping the indebted country would be tantamount to tossing cash into the garbage, the Russian leader is reputed to have informed his Greek counterpart during their meeting.
Referendum and U-Turn
That summer, those punitive bailout terms were put to a popular referendum, a move that threw the EU into deeper existential crisis.
Although the referendum was carried resoundingly by those who opposed austerity, the prime minister had little option to ignore the result then agree to a rescue deal with foreign lenders that turned out to be tougher.
Final Straw
The ex-PM claimed how he started questioning Varoufakis quite early on.
“He was the face of the talks, the man who drew publicity, who appeared on the front pages of magazines the world over … he gave the impression he was enjoying the spotlight.”
When Varoufakis proposed a backup strategy involving establishing a parallel currency and issuing vouchers to retirees, Tsipras said he realised it was game over questioning Varoufakis: “Can you be serious?”
Lasting Criticism
Within the memoir, Tsipras concludes how his former ally had proved himself “unsuitable for an agreement demanding complex and delicate management.”
Tsipras also wrote that his aggressive approach left him more and more alone among peers, endangered the country, while assisted hawks that were pushing for a Greek exit from the euro.
The retelling of events has been met with fury along with shock in some quarters, whereas Varoufakis has kept a deafening silence on the matter.
