Within his newly released personal account, named Ithaki, the former prime minister Alexis Tsipras does not hold back as he revisits the turbulent period of Greece's financial crisis.
An Unconventional Choice
As per the ex-PM's recollections, Tsipras selected that unorthodox academic Yanis Varoufakis to be the treasury head largely due to the latter's international reputation and his “extremely attractive” abilities when it came to speaker.
“In reality, he was, in reality, more like a personality and less of an economic expert,” recalled Tsipras.
Conflicting Agendas
Tsipras claims that Varoufakis had his own agenda which included advancing Varoufakis's publications as well as testing out his own theories on Greece rather than genuinely fighting for the country's economic stability.
He explained how the negotiations to stave off insolvency became “not only a way of achieving a better deal for the country. They were an experiment, an historic chance to prove the truth of Varoufakis's ideas.”
High-Stakes Talks
Amid volatile discussions, Greece found itself perilously on the brink of exiting the eurozone.
On the line lay not only the country's future and those punishing cutbacks required in return for rescue loans by international creditors.
Failed Options
Attempts to secure funds from other sources, including an urgent plea to Russia to buy Greek government bonds, went unanswered.
Assisting Greece would be tantamount to tossing cash into the garbage, Putin is reputed to have told Tsipras during their meeting.
Public Vote Followed by Reversal
That summer, the harsh bailout terms were put to a popular referendum, an action which threw the EU into a deeper crisis of identity.
Although the vote was carried resoundingly by those who opposed the cuts, Tsipras had little option to reject its outcome and agree to a rescue deal from creditors that proved to be tougher.
Breaking Point
Tsipras revealed how he began to doubt his finance minister relatively soon.
“Varoufakis was the face of the talks, the man who drew publicity, who graced the covers of magazines globally … he gave the impression he was enjoying his new role.”
When the minister proposed a backup strategy involving creating a parallel currency and distributing coupons to pensioners, the leader knew that it was game over questioning him: “Are you serious?”
Lasting Rebuke
Within the memoir, the author asserts how his former ally demonstrated himself “unsuitable for a deal demanding intricate and delicate handling.”
Tsipras also claimed that Varoufakis's confrontational style left him increasingly isolated among peers, endangered the country, and assisted hawks who were advocating Grexit.
The retelling of history has provoked anger along with shock in some quarters, while the former minister has maintained a deafening silence on the matter.
