Within his freshly published personal account, named Ithaki, the former leader Alexis Tsipras pulls no punches as he examines the chaotic period during Greece's financial crisis.
An Unconventional Choice
In Tsipras's recollections, he chose that unorthodox economist Yanis Varoufakis to be his finance minister mainly because of the latter's worldwide fame and his very persuasive skills when it came to communicator.
“In reality, he was, actually, more of a star and less of an economist,” stated Tsipras.
Conflicting Agendas
Tsipras alleges that his finance chief possessed a personal motives that involved advancing his books and testing out his economic models using Greece rather than genuinely advocating its financial survival.
He explained how those negotiations to prevent insolvency were “not only a method of achieving a better deal for Greece. They were a test, a monumental chance to prove the validity of his economic theories.”
High-Stakes Negotiations
During rollercoaster discussions, the country found itself perilously close to leaving the single currency area.
On the line lay both Greece's destiny but also those severe austerity measures required in return for bailout funds by international creditors.
Unsuccessful Options
Efforts to secure funds from other sources, such as a desperate plea to the Kremlin to buy Greek bonds, fell on stony ground.
Assisting Greece was equivalent to tossing cash into the garbage, Putin is reputed to have told his Greek counterpart during their meeting.
Referendum and U-Turn
That summer, the harsh conditions were put to a popular referendum, a move that threw the EU into a further existential crisis.
Even though the vote was won decisively by voters who opposed the cuts, the prime minister was forced but to reject its outcome and agree to a bailout package with creditors that proved to be even harsher.
Final Straw
Tsipras claimed how he started questioning his finance minister relatively soon.
“Varoufakis was the face of the talks, the man who drew publicity, who appeared on the front pages of magazines the world over … it seemed he relished the spotlight.”
After the minister proposed a backup strategy involving establishing a parallel currency and distributing vouchers to pensioners, the leader knew that it was game over and asked Varoufakis: “Are you serious?”
Lasting Criticism
In the memoir, Tsipras asserts how Varoufakis demonstrated himself “unfit for a deal demanding intricate and delicate management.”
He further claimed that Varoufakis's confrontational style left him more and more alone with colleagues, endangered the country, and helped hardliners that were pushing for a Greek exit from the euro.
This account of history has provoked anger along with stunned disbelief in some quarters, whereas the former minister has kept a conspicuous quiet on the matter.
