In a recently unveiled memoir, named Ithaki, the former leader Alexis Tsipras spares no criticism while he reflects on that turbulent era during Greece's economic turmoil.
A Controversial Appointment
In the ex-PM's recollections, Tsipras selected that unorthodox economist Yanis Varoufakis as his finance minister mainly due to the latter's global profile and his “extremely attractive” skills when it came to communicator.
“He was, actually, more like a personality rather than an economist,” wrote Tsipras.
Clashing Priorities
The former leader suggests how his finance chief possessed a personal agenda which involved advancing Varoufakis's publications and experimenting with his own game theories using Greece rather than truly advocating the country's financial survival.
He explained how those talks to avoid bankruptcy became “not just a way of achieving a better deal for the country. They were an experiment, a monumental chance to demonstrate the truth of his theories.”
High-Stakes Negotiations
During tense discussions, the country found itself perilously on the brink of leaving the single currency area.
On the line was both Greece's future but also the punishing austerity policies demanded in return for rescue loans by international creditors.
Unsuccessful Options
Efforts to find financing elsewhere, including an urgent plea to Russia to purchase Greek bonds, were rejected.
Assisting Greece would be tantamount to throwing money into the garbage, the Russian leader is reputed to have told Tsipras in Moscow.
Public Vote Followed by Reversal
In July 2015, the excoriating conditions were put to a popular referendum, an action that plunged the EU into a further existential crisis.
Even though the vote was carried resoundingly by those against austerity, the prime minister was forced to reject its outcome and negotiate a bailout package with creditors which turned out to be more severe.
Final Straw
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 publicity, who graced the covers of publications the world over … he gave the impression he relished the spotlight.”
When Varoufakis outlined a contingency plan that included creating a secondary currency as well as issuing coupons to retirees, the leader knew that it was game over and asked Varoufakis: “Is this for real?”
Lasting Rebuke
Within the book, Tsipras asserts that Varoufakis had proved himself “unfit for an agreement demanding complex and sensitive handling.”
Tsipras also claimed how Varoufakis's confrontational style left him increasingly isolated with colleagues, put Greece at risk, and assisted hardliners that were advocating Grexit.
The account of history has provoked fury and shock among certain groups, while Varoufakis has kept a conspicuous quiet regarding these claims.
