In a newly released personal account, called Ithaki, the ex- prime minister Alexis Tsipras pulls no punches as he examines that turbulent era during Greece's financial crisis.
A Controversial Choice
In Tsipras's recollections, he appointed that unorthodox economist Yanis Varoufakis as his finance minister primarily due to the latter's global profile and Varoufakis's highly compelling skills as a public orator.
“He was, actually, more like a personality rather than an economist,” recalled Tsipras.
Clashing Priorities
The former leader claims that his finance chief possessed a personal motives that involved advancing his publications as well as experimenting with his game theories using the nation rather than truly advocating the country's financial survival.
He wrote that those negotiations to stave off insolvency were “not just a method of achieving improved terms for the country. They became a test, an historic chance to prove the truth of Varoufakis's ideas.”
High-Stakes Negotiations
Amid volatile discussions, the country found itself dangerously close to exiting the single currency area.
On the line lay both the country's destiny and those punishing austerity measures demanded in return for rescue loans from foreign lenders.
Failed Alternatives
Efforts to secure funds elsewhere, such as a desperate appeal to the Kremlin to buy Greek bonds, fell on stony ground.
Helping Greece would be tantamount to tossing cash into the garbage, Putin is reputed to have informed Tsipras during their meeting.
Public Vote Followed by U-Turn
In July 2015, those harsh conditions were subjected to a popular referendum, an action which plunged the EU into further existential crisis.
Although the vote was carried resoundingly by voters who opposed austerity, Tsipras was forced to reject its outcome then agree to a rescue deal from foreign lenders which turned out to be more severe.
Breaking Point
Tsipras claimed that he began to doubt Varoufakis relatively soon.
“Varoufakis was the public image of the talks, the figure who drew publicity, who graced the covers of magazines the world over … he gave the impression he was enjoying the spotlight.”
When Varoufakis proposed a contingency plan that included creating a secondary currency as well as issuing vouchers to retirees, the leader said he realised it was the end questioning Varoufakis: “Is this for real?”
Lasting Rebuke
Within the memoir, Tsipras concludes how Varoufakis demonstrated himself “unsuitable for an agreement demanding intricate and sensitive management.”
Tsipras also claimed how Varoufakis's aggressive approach left him more and more alone among peers, endangered the country, while helped hawks that were pushing for a Greek exit from the euro.
The retelling of history has been met with anger and stunned disbelief in some quarters, whereas Varoufakis has so far kept a conspicuous quiet on the matter.
