In a newly released memoir, named Ithaki, the former prime minister Alexis Tsipras pulls no punches as he examines that chaotic period during Greece's debt drama.
A Controversial Appointment
As per the ex-PM's version, he appointed the unorthodox academic Yanis Varoufakis to be his finance minister primarily because of his global profile along with Varoufakis's “extremely attractive” abilities as a communicator.
“In reality, he was, truthfully, more of a personality and less of an economist,” stated Tsipras.
Conflicting Priorities
Tsipras alleges how his finance chief possessed a personal agenda that included advancing his publications and testing out his theories using Greece rather than truly advocating its financial survival.
He noted how those discussions to stave off bankruptcy were “not just a way of achieving improved terms for Greece. They became a test, an historic chance to demonstrate the validity of Varoufakis's ideas.”
Critical Negotiations
Amid rollercoaster negotiations, the country found itself dangerously on the brink of leaving the eurozone.
At stake lay both the country's future and those severe austerity policies required in exchange for rescue loans by international creditors.
Failed Alternatives
Attempts to find funds from other sources, such as an urgent plea to the Kremlin to purchase Greek bonds, were rejected.
Assisting Greece would be tantamount to tossing cash into the garbage, Putin is reputed to have told Tsipras during their meeting.
Referendum Followed by U-Turn
In July 2015, the harsh conditions were subjected to a public vote, an action that plunged Europe into a deeper crisis of identity.
Even though the vote was carried resoundingly by those against austerity, Tsipras was forced but to ignore the result and negotiate a bailout package from foreign lenders which turned out to be more severe.
Final Straw
The ex-PM claimed how he started questioning his finance minister quite early on.
“He was the face of the talks, the figure who drew publicity, who graced the front pages of publications the world over … he gave the impression he relished his new role.”
After the minister proposed a contingency plan that included creating a secondary currency and distributing coupons to retirees, Tsipras said he realised it was the end questioning Varoufakis: “Can you be serious?”
Lasting Rebuke
Within the memoir, the author concludes that his former ally had proved himself to be “unfit for an agreement demanding complex and delicate management.”
Tsipras also wrote how his aggressive style made him more and more alone with colleagues, put Greece at risk, while assisted hardliners who were advocating a Greek exit from the euro.
This account of history has been met with fury and shock in some quarters, while Varoufakis has maintained a deafening silence on the matter.
