In a newly released autobiography, titled Ithaki, the former prime minister Alexis Tsipras spares no criticism as he revisits that turbulent period of Greece's debt drama.
A Controversial Choice
In the ex-PM's version, he chose that unorthodox academic Yanis Varoufakis to be the finance minister mainly because of his worldwide fame and Varoufakis's “extremely attractive” skills when it came to communicator.
“He was, actually, more like a personality and less of an economist,” stated Tsipras.
Clashing Priorities
The former leader alleges how his finance chief possessed his own agenda that included promoting his publications and experimenting with his theories using the nation rather than truly advocating the country's economic stability.
He wrote how the negotiations to stave off bankruptcy became “not only a method to secure a better deal for the country. They were an experiment, an historic opportunity to demonstrate the validity of his economic theories.”
Critical Talks
During volatile negotiations, the country found itself perilously close to exiting the single currency area.
On the line was not only the country's destiny and the severe austerity policies demanded in exchange for financial aid from foreign lenders.
Unsuccessful Alternatives
Attempts to find funds from other sources, including a desperate plea to Russia to buy Greek government bonds, went unanswered.
Helping Greece would be equivalent to throwing money in the trash-can, the Russian leader is reputed to have told his Greek counterpart in Moscow.
Referendum Followed by U-Turn
That summer, the excoriating conditions were subjected to a public vote, a move that plunged the EU into a further crisis of identity.
Even though the referendum was won decisively by those against the cuts, Tsipras was forced to ignore the result and negotiate a rescue deal from creditors that proved to be tougher.
Breaking Point
Tsipras claimed how he began to doubt his finance minister relatively soon.
“Varoufakis was the face of the talks, the man who attracted media attention, who appeared on the covers of publications globally … it seemed he relished the spotlight.”
After Varoufakis outlined a backup strategy involving establishing a secondary currency as well as distributing coupons to retirees, Tsipras said he realised that it was game over questioning Varoufakis: “Is this for real?”
Lasting Rebuke
Within the memoir, Tsipras concludes how Varoufakis demonstrated himself to be “unfit for a deal demanding intricate and sensitive management.”
He further claimed how his confrontational style made him more and more alone among peers, endangered the country, and assisted hawks who were pushing for Grexit.
The retelling of events has been met with anger along with stunned disbelief in some quarters, whereas Varoufakis has kept a deafening silence regarding these claims.