Within his recently unveiled memoir, named Ithaki, the former premier Alexis Tsipras does not hold back while he revisits that chaotic period of Greece's financial crisis.
An Unconventional Choice
As per Tsipras's recollections, Tsipras selected the unorthodox academic Yanis Varoufakis as his finance minister primarily due to the latter's international reputation and his highly compelling abilities as a speaker.
“He was, actually, more like a personality and less of an economist,” wrote Tsipras.
Clashing Priorities
Tsipras claims how Varoufakis had a personal agenda which included promoting Varoufakis's publications and experimenting with his own economic models using the nation instead of truly fighting for its financial survival.
Tsipras explained how the talks to prevent insolvency were “not only a way to secure a better deal for the country. They became an experiment, an historic opportunity to demonstrate the validity of Varoufakis's ideas.”
High-Stakes Talks
During volatile negotiations, Greece found itself dangerously on the brink of leaving the single currency area.
On the line was both the country's future but also those harsh cutbacks demanded in exchange for financial aid by international creditors.
Unsuccessful Alternatives
Efforts to secure funds from other sources, including an urgent appeal to the Kremlin to purchase Greek bonds, went unanswered.
Assisting the indebted country would be equivalent to throwing money into the garbage, the Russian leader reportedly told his Greek counterpart during their meeting.
Public Vote Followed by Reversal
That summer, the harsh bailout terms were subjected to a popular referendum, a move that plunged the EU into deeper crisis of identity.
Even though the vote was won resoundingly by voters against the cuts, the prime minister had little option but to ignore the result then agree to a bailout package with creditors which turned out to be even harsher.
Breaking Point
The ex-PM revealed that he began to doubt Varoufakis relatively soon.
“Varoufakis was the face of the talks, the figure who drew media attention, who appeared on the front pages of magazines the world over … it seemed he was enjoying the spotlight.”
When the minister proposed a backup strategy that included creating a secondary currency and distributing coupons to pensioners, Tsipras said he realised that it was game over questioning him: “Is this for real?”
Lasting Criticism
Within the book, the author asserts how his former ally demonstrated himself to be “unsuitable for an agreement that required intricate and delicate management.”
Tsipras also wrote that his aggressive approach made him more and more alone among peers, put Greece at risk, and helped hawks that were advocating a Greek exit from the euro.
This retelling of history has provoked anger along with shock in some quarters, while the former minister has kept a conspicuous quiet regarding these claims.
