Within his newly released personal account, called Ithaki, the ex- prime minister Alexis Tsipras pulls no punches as he reflects on that chaotic period of Greece's financial crisis.
A Controversial Appointment
In Tsipras's recollections, he chose the unorthodox academic Yanis Varoufakis as the finance minister mainly due to the latter's worldwide fame along with Varoufakis's very persuasive abilities as a public orator.
“He was, in reality, more like a star rather than an economist,” wrote Tsipras.
Clashing Priorities
Tsipras claims how his finance chief had a personal agenda which included promoting Varoufakis's publications as well as testing out his economic models on Greece rather than genuinely advocating its financial survival.
He explained how the discussions to avoid insolvency were “not only a method of achieving improved terms for Greece. They became an experiment, a monumental opportunity to demonstrate the truth of his ideas.”
Critical Negotiations
Amid rollercoaster negotiations, the country found itself dangerously close to exiting the eurozone.
On the line lay not only the country's future but also those harsh cutbacks demanded in exchange for rescue loans by international creditors.
Failed Alternatives
Attempts to find financing elsewhere, including a desperate plea to the Kremlin to buy Greek bonds, were rejected.
Assisting the indebted country was equivalent to tossing cash in the trash-can, the Russian leader is reputed to have informed Tsipras in Moscow.
Public Vote Followed by U-Turn
In July 2015, the punitive conditions were put to a public vote, an action that plunged Europe into a deeper existential crisis.
Even though the referendum was carried resoundingly by voters who opposed austerity, Tsipras was forced to reject its outcome then negotiate a rescue deal from creditors which turned out to be more severe.
Breaking Point
The ex-PM claimed how he began to doubt Varoufakis relatively soon.
“Varoufakis was the public image of negotiation, the man who drew publicity, who graced the front pages of publications globally … he gave the impression he relished the spotlight.”
After Varoufakis proposed a backup strategy involving creating a secondary currency as well as distributing vouchers to pensioners, Tsipras knew it was the end and asked him: “Can you be serious?”
Lasting Rebuke
In the memoir, Tsipras concludes that his former ally demonstrated himself “unsuitable for a deal demanding complex and delicate management.”
Tsipras also wrote that his aggressive approach left him more and more alone with colleagues, endangered the country, while assisted hardliners who were advocating Grexit.
The account of events has provoked anger along with stunned disbelief in some quarters, whereas the former minister has maintained a conspicuous quiet on the matter.
