In a recently unveiled autobiography, called Ithaki, the ex- leader Alexis Tsipras pulls no punches while he reflects on that chaotic period during Greece's economic turmoil.
An Unconventional Appointment
In Tsipras's account, he chose that unorthodox academic Yanis Varoufakis as his finance minister largely due to his global profile and Varoufakis's very persuasive skills when it came to communicator.
“He was, truthfully, more of a personality rather than an economist,” recalled the 51-year-old.
Conflicting Agendas
Tsipras suggests that Varoufakis had a personal motives which included promoting his publications as well as experimenting with his theories on Greece rather than genuinely fighting for its economic stability.
Tsipras noted that the discussions to stave off insolvency were “not only a way to secure a better deal for the country. They became an experiment, a monumental opportunity to demonstrate the truth of Varoufakis's ideas.”
Critical Negotiations
During rollercoaster negotiations, Greece came dangerously close to leaving the single currency area.
At stake lay both Greece's destiny but also those severe austerity policies required in return for bailout funds from international creditors.
Failed Alternatives
Attempts to secure financing from other sources, such as an urgent plea to the Kremlin to purchase Greek government bonds, went unanswered.
Assisting the indebted country would be tantamount to tossing cash into the garbage, the Russian leader is reputed to have told his Greek counterpart in Moscow.
Referendum Followed by U-Turn
That summer, those harsh bailout terms were put to a public vote, an action that threw the EU into further crisis of identity.
Although the referendum was won resoundingly by voters against the cuts, Tsipras had little option to reject its outcome and agree to a bailout package with creditors which proved to be more severe.
Breaking Point
The ex-PM revealed how he started questioning his finance minister quite early on.
“Varoufakis was the face of the talks, the man who attracted media attention, who appeared on the covers of publications the world over … it seemed he relished his new role.”
After the minister outlined a backup strategy involving creating a parallel currency as well as distributing vouchers to retirees, the leader knew that it was the end questioning Varoufakis: “Is this for real?”
Enduring Criticism
In the book, the author asserts how his former ally had proved himself “unsuitable for a deal demanding complex and delicate handling.”
Tsipras also claimed how his confrontational approach made him increasingly isolated among peers, put Greece at risk, while assisted hardliners who were pushing for Grexit.
The account of history has been met with anger along with shock among certain groups, while Varoufakis has so far maintained a deafening silence regarding these claims.
