Within his freshly published memoir, named Ithaki, the ex- premier Alexis Tsipras pulls no punches as he reflects on that chaotic era during Greece's economic turmoil.
A Controversial Appointment
As per the ex-PM's recollections, he appointed that maverick academic Yanis Varoufakis as the finance minister primarily due to the latter's worldwide fame along with his highly compelling skills when it came to communicator.
“In reality, he was, in reality, more of a celebrity rather than an economic expert,” stated Tsipras.
Clashing Agendas
The former leader claims how his finance chief possessed his own agenda which included advancing Varoufakis's books as well as experimenting with his economic models using Greece instead of genuinely advocating its economic stability.
He wrote that those talks to avoid bankruptcy became “not just a way of achieving a better deal for the country. They became an experiment, a monumental opportunity to demonstrate the validity of Varoufakis's economic theories.”
Critical Talks
Amid rollercoaster discussions, Greece found itself dangerously on the brink of exiting the single currency area.
On the line was not only Greece's future and the severe austerity measures demanded in return for rescue loans from foreign lenders.
Unsuccessful Options
Efforts to secure funds from other sources, including an urgent appeal to Russia to buy Greek bonds, were rejected.
Assisting Greece was equivalent to tossing cash in the trash-can, the Russian leader is reputed to have told Tsipras in Moscow.
Referendum Followed by Reversal
In July 2015, those harsh bailout terms were subjected to a public vote, a move that threw Europe into deeper existential crisis.
Even though the vote was carried resoundingly by voters against austerity, Tsipras was forced but to reject its outcome and agree to a rescue deal from foreign lenders which turned out to be more severe.
Breaking Point
The ex-PM revealed how he began to doubt Varoufakis relatively soon.
“He was the public image of the talks, the figure who attracted media attention, who graced the covers of publications globally … it seemed he relished the spotlight.”
After Varoufakis proposed a contingency plan involving creating a secondary currency and distributing vouchers to pensioners, Tsipras said he realised it was the end and asked Varoufakis: “Can you be serious?”
Lasting Rebuke
In the memoir, Tsipras asserts how his former ally demonstrated himself to be “unfit for a deal that required complex and delicate management.”
He also claimed how Varoufakis's confrontational approach left him more and more alone among peers, put Greece at risk, while assisted hawks who were pushing for Grexit.
The account of events has been met with fury and shock in some quarters, whereas the former minister has maintained a deafening silence on the matter.
