Within his newly released autobiography, called Ithaki, the former premier Alexis Tsipras pulls no punches while he examines that chaotic period of Greece's economic turmoil.
An Unconventional Appointment
According to the ex-PM's account, Tsipras selected the unorthodox economist Yanis Varoufakis as his finance minister primarily due to the latter's international reputation along with his “extremely attractive” abilities when it came to public orator.
“In reality, he was, truthfully, more of a celebrity and less of an economist,” stated Tsipras.
Conflicting Agendas
Tsipras alleges that his finance chief had a personal agenda which involved advancing his publications as well as testing out his own economic models using Greece instead of truly fighting for the country's economic stability.
Tsipras noted that those negotiations to prevent insolvency were “not only a method to secure improved terms for the country. They became an experiment, an historic opportunity to demonstrate the validity of Varoufakis's ideas.”
Critical Negotiations
Amid tense negotiations, the country came dangerously close to leaving the single currency area.
On the line lay not only the country's future but also the harsh austerity policies required in exchange for financial aid from international creditors.
Unsuccessful Options
Efforts to secure funds from other sources, including an urgent plea to Russia to purchase Greek government bonds, fell on stony ground.
Assisting Greece would be tantamount to throwing money into the garbage, Putin is reputed to have told Tsipras during their meeting.
Public Vote Followed by U-Turn
In July 2015, the excoriating conditions were subjected to a public vote, an action that plunged the EU into a further crisis of identity.
Even though the vote was won decisively by those who opposed the cuts, the prime minister had little option to reject its outcome then agree to a rescue deal from creditors which proved to be more severe.
Final Straw
Tsipras revealed how he started questioning his finance minister quite early on.
“He was the public image of the talks, the man who drew publicity, who appeared on the covers of publications globally … it seemed he was enjoying his new role.”
When Varoufakis proposed a contingency plan involving creating a parallel currency as well as distributing vouchers to retirees, Tsipras knew that it was game over questioning Varoufakis: “Are you serious?”
Lasting Rebuke
In the book, Tsipras concludes how Varoufakis had proved himself “unfit for an agreement that required complex and sensitive management.”
Tsipras also claimed that Varoufakis's aggressive approach left him more and more alone among peers, put Greece at risk, while assisted hardliners that were pushing for Grexit.
The account of history has been met with fury along with shock among certain groups, while the former minister has kept a conspicuous quiet on the matter.
