In a recently unveiled autobiography, named Ithaki, the former leader Alexis Tsipras does not hold back as he examines that turbulent period during Greece's economic turmoil.
An Unconventional Choice
In the ex-PM's recollections, Tsipras chose that maverick academic Yanis Varoufakis to be the finance minister mainly due to the latter's worldwide fame and Varoufakis's “extremely attractive” skills when it came to public orator.
“In reality, he was, truthfully, more of a star and less of an economic expert,” recalled the 51-year-old.
Conflicting Priorities
The former leader alleges how Varoufakis had a personal agenda which involved advancing his books and testing out his economic models using Greece rather than genuinely advocating its financial survival.
Tsipras noted how those negotiations to prevent bankruptcy became “not only a method of achieving improved terms for Greece. They became an experiment, a monumental opportunity to demonstrate the truth of Varoufakis's theories.”
High-Stakes Negotiations
During volatile negotiations, the country came dangerously close to leaving the eurozone.
At stake was both the country's destiny and the harsh austerity policies required in return for rescue loans from international creditors.
Unsuccessful Alternatives
Efforts to find funds elsewhere, including an urgent plea to the Kremlin to buy Greek government bonds, fell on stony ground.
Helping Greece would be tantamount to tossing cash into the garbage, the Russian leader reportedly told Tsipras in Moscow.
Referendum Followed by U-Turn
In July 2015, those punitive bailout terms were subjected to a public vote, an action that plunged Europe into deeper crisis of identity.
Even though the vote was won resoundingly by voters who opposed the cuts, the prime minister had little option to reject its outcome and agree to a rescue deal with foreign lenders that proved to be tougher.
Final Straw
Tsipras claimed how he began to doubt his finance minister quite early on.
“He was the face of negotiation, the figure who attracted media attention, who appeared on the front pages of publications the world over … it seemed he was enjoying the spotlight.”
When the minister proposed a backup strategy that included creating a secondary currency as well as issuing coupons to retirees, Tsipras knew it was game over and asked Varoufakis: “Is this for real?”
Enduring Rebuke
In the memoir, Tsipras asserts that Varoufakis had proved himself to be “unfit for a deal that required intricate and delicate handling.”
He further claimed how Varoufakis's confrontational style made him more and more alone among peers, put Greece at risk, while assisted hawks who were advocating Grexit.
The account of history has been met with fury along with stunned disbelief in some quarters, while Varoufakis has so far kept a conspicuous quiet regarding these claims.
