In a newly released personal account, called Ithaki, the ex- premier Alexis Tsipras spares no criticism while he reflects on the chaotic period of Greece's economic turmoil.
A Controversial Choice
In the ex-PM's recollections, Tsipras selected that maverick academic Yanis Varoufakis as the finance minister mainly due to the latter's international reputation along with Varoufakis's very persuasive abilities as a communicator.
“In reality, he was, actually, more of a personality and less of an economist,” recalled the 51-year-old.
Conflicting Priorities
The former leader suggests how his finance chief had his own agenda which involved promoting Varoufakis's books and testing out his own economic models using the nation instead of truly advocating the country's financial survival.
He noted that the negotiations to prevent bankruptcy were “not just a method of achieving a better deal for the country. They became an experiment, a monumental opportunity to demonstrate the truth of Varoufakis's theories.”
High-Stakes Talks
During tense discussions, Greece came dangerously close to exiting the single currency area.
At stake lay not only Greece's future and those punishing cutbacks required in return for financial aid from international creditors.
Unsuccessful Alternatives
Attempts to secure financing from other sources, such as an urgent appeal to the Kremlin to buy Greek bonds, fell on stony ground.
Assisting Greece was equivalent to tossing cash into the garbage, the Russian leader is reputed to have informed his Greek counterpart in Moscow.
Referendum and U-Turn
That summer, the excoriating conditions were subjected to a public vote, an action that threw Europe into further existential crisis.
Even though the referendum was carried decisively by those who opposed the cuts, Tsipras had little option but to ignore the result then negotiate a bailout package with creditors which proved to be tougher.
Breaking Point
The ex-PM revealed how he started questioning Varoufakis quite early on.
“Varoufakis was the public image of the talks, the figure who attracted publicity, who appeared on the front pages of magazines globally … he gave the impression he relished his new role.”
After Varoufakis proposed a contingency plan that included creating a parallel currency as well as issuing vouchers to pensioners, Tsipras said he realised that it was the end questioning Varoufakis: “Are you serious?”
Lasting Rebuke
In the memoir, Tsipras concludes how his former ally had proved himself to be “unsuitable for a deal that required complex and sensitive management.”
He further claimed how Varoufakis's aggressive style left him more and more alone among peers, endangered the country, while assisted hawks who were advocating a Greek exit from the euro.
The account of history has provoked fury along with stunned disbelief among certain groups, while the former minister has so far maintained a deafening silence on the matter.
