In a recently unveiled autobiography, called Ithaki, the ex- leader Alexis Tsipras pulls no punches while he revisits that turbulent period during Greece's economic turmoil.
An Unconventional Choice
In Tsipras's recollections, he chose the maverick academic Yanis Varoufakis as the finance minister largely because of the latter's worldwide fame along with his “extremely attractive” skills when it came to speaker.
“He was, truthfully, more of a personality rather than an economist,” wrote Tsipras.
Clashing Priorities
The former leader alleges how Varoufakis had a personal agenda that included advancing his publications and experimenting with his own theories using the nation instead of truly advocating the country's financial survival.
Tsipras explained how the negotiations to stave off bankruptcy were “not only a way of achieving a better deal for Greece. They became an experiment, a monumental chance to demonstrate the truth of his ideas.”
High-Stakes Talks
During rollercoaster discussions, the country came perilously close to leaving the single currency area.
On the line was both the country's future but also the harsh cutbacks required in exchange for bailout funds by international creditors.
Failed Options
Efforts to find funds elsewhere, including a desperate plea to the Kremlin to purchase Greek government bonds, were rejected.
Helping the indebted country was tantamount to throwing money into the garbage, Putin is reputed to have told his Greek counterpart in Moscow.
Public Vote Followed by U-Turn
In July 2015, those excoriating bailout terms were put to a popular referendum, a move that threw the EU into a further crisis of identity.
Although the referendum was won decisively by voters who opposed austerity, Tsipras had little option to ignore the result and negotiate a bailout package from creditors that turned out to be even harsher.
Breaking Point
Tsipras revealed how he started questioning his finance minister quite early on.
“He was the face of negotiation, the figure who attracted publicity, who appeared on the covers of magazines the world over … he gave the impression he relished his new role.”
When the minister proposed a contingency plan that included establishing a parallel currency as well as distributing coupons to pensioners, Tsipras knew it was game over and asked Varoufakis: “Are you serious?”
Lasting Rebuke
Within the memoir, Tsipras asserts that Varoufakis demonstrated himself “unfit for a deal that required complex and sensitive handling.”
He further wrote how Varoufakis's confrontational approach made him more and more alone with colleagues, endangered the country, while assisted hardliners who were advocating Grexit.
This account of events has been met with fury along with shock in some quarters, while the former minister has so far kept a deafening silence regarding these claims.
