Within his newly released memoir, titled Ithaki, the ex- leader Alexis Tsipras pulls no punches as he reflects on that chaotic era during Greece's economic turmoil.
An Unconventional Choice
According to the ex-PM's recollections, he selected that maverick economist Yanis Varoufakis to be the treasury head largely because of the latter's global profile and his highly compelling skills as a speaker.
“He was, in reality, more of a celebrity and less of an economist,” recalled the 51-year-old.
Clashing Agendas
The former leader suggests how Varoufakis possessed a personal motives which involved advancing his books as well as testing out his own game theories using the nation rather than genuinely fighting for the country's economic stability.
He explained that those discussions to prevent bankruptcy became “not just a method to secure improved terms for Greece. They were an experiment, an historic opportunity to demonstrate the validity of Varoufakis's economic theories.”
High-Stakes Talks
Amid volatile negotiations, Greece came dangerously on the brink of exiting the single currency area.
On the line was not only Greece's future and those severe austerity policies demanded in exchange for financial aid by international creditors.
Failed Alternatives
Efforts to find financing elsewhere, such as a desperate appeal to Russia to buy Greek government bonds, were rejected.
Helping Greece was equivalent to throwing money into the garbage, Putin reportedly informed Tsipras in Moscow.
Public Vote and U-Turn
In July 2015, those harsh bailout terms were subjected to a popular referendum, an action that threw the EU into further existential crisis.
Even though the referendum was won resoundingly by those who opposed austerity, Tsipras was forced but to reject its outcome then agree to a rescue deal with creditors that turned out to be more severe.
Breaking Point
The ex-PM revealed how he started questioning his finance minister quite early on.
“He was the public image of negotiation, the figure who drew publicity, who graced the front pages of publications globally … it seemed he relished his new role.”
When the minister outlined a contingency plan that included creating a secondary currency and distributing vouchers to pensioners, Tsipras said he realised it was the end and asked him: “Can you be serious?”
Enduring Rebuke
Within the book, Tsipras asserts that his former ally demonstrated himself to be “unsuitable for an agreement demanding intricate and delicate handling.”
He further wrote how Varoufakis's aggressive style left him increasingly isolated among peers, endangered the country, and helped hardliners that were advocating Grexit.
The account of events has provoked anger and stunned disbelief among certain groups, while Varoufakis has so far kept a deafening silence regarding these claims.
