In a recently unveiled memoir, called Ithaki, the former premier Alexis Tsipras does not hold back as he reflects on the turbulent era of Greece's economic turmoil.
A Controversial Appointment
In the ex-PM's version, he chose that maverick economist Yanis Varoufakis as his finance minister primarily because of the latter's worldwide fame along with Varoufakis's “extremely attractive” abilities as a communicator.
“In reality, he was, truthfully, more like a celebrity rather than an economist,” stated the 51-year-old.
Clashing Agendas
Tsipras suggests that his finance chief possessed his own motives which involved promoting Varoufakis's books and testing out his own economic models on the nation rather than truly advocating its economic stability.
He explained that the talks to prevent insolvency became “not only a method to secure improved terms for the country. They were an experiment, an historic chance to demonstrate the validity of his theories.”
Critical Negotiations
During rollercoaster discussions, the country found itself dangerously on the brink of exiting the eurozone.
At stake lay both Greece's future and the punishing austerity measures required in exchange for bailout funds by international creditors.
Failed Options
Attempts to secure financing from other sources, including an urgent plea to the Kremlin to buy Greek bonds, fell on stony ground.
Helping Greece would be tantamount to tossing cash into the garbage, Putin reportedly informed his Greek counterpart during their meeting.
Referendum and Reversal
In July 2015, the punitive bailout terms were put to a public vote, an action that plunged Europe into deeper existential crisis.
Although the vote was won resoundingly by voters who opposed austerity, the prime minister had little option but to reject its outcome then agree to a rescue deal with foreign lenders which turned out to be tougher.
Final Straw
The ex-PM revealed how he started questioning his finance minister quite early on.
“He was the public image of the talks, the figure who attracted publicity, who graced the covers of publications globally … it seemed he relished his new role.”
After the minister outlined a backup strategy involving creating a parallel currency as well as issuing coupons to retirees, Tsipras said he realised it was game over and asked Varoufakis: “Can you be serious?”
Enduring Rebuke
Within the book, Tsipras asserts how his former ally had proved himself “unfit for a deal demanding complex and delicate handling.”
He further wrote how his confrontational approach made him increasingly isolated among peers, put Greece at risk, and assisted hawks who were advocating Grexit.
The account of events has provoked anger along with stunned disbelief among certain groups, while the former minister has maintained a deafening silence regarding these claims.
