In a freshly published personal account, called Ithaki, the ex- prime minister Alexis Tsipras pulls no punches while he revisits that turbulent period during Greece's economic turmoil.
An Unconventional Appointment
In Tsipras's recollections, he appointed that unorthodox academic Yanis Varoufakis to be his finance minister largely because of his worldwide fame and his “extremely attractive” skills as a public orator.
“He was, actually, more of a celebrity rather than an economist,” stated Tsipras.
Conflicting Agendas
Tsipras suggests how his finance chief had his own motives that involved promoting Varoufakis's books and testing out his own theories using the nation rather than genuinely fighting for the country's economic stability.
Tsipras wrote how the negotiations to stave off bankruptcy were “not just a way to secure a better deal for the country. They became an experiment, an historic opportunity to prove the validity of Varoufakis's economic theories.”
Critical Talks
Amid volatile negotiations, the country came dangerously close to leaving the single currency area.
On the line lay both Greece's future and the punishing cutbacks demanded in exchange for bailout funds by international creditors.
Failed Options
Efforts to secure funds from other sources, such as an urgent appeal to the Kremlin to buy Greek government bonds, went unanswered.
Helping Greece would be equivalent to tossing cash into the garbage, Putin reportedly told Tsipras in Moscow.
Referendum and U-Turn
In July 2015, the punitive conditions were subjected to a public vote, a move that plunged Europe into further existential crisis.
Even though the referendum was won resoundingly by those who opposed the cuts, the prime minister had little option but to ignore the result and negotiate a rescue deal with creditors which proved to be even harsher.
Breaking Point
Tsipras revealed that he started questioning Varoufakis quite early on.
“He was the public image of the talks, the man who drew publicity, who appeared on the front pages of publications the world over … he gave the impression he relished his new role.”
After the minister outlined a contingency plan involving creating a secondary currency and distributing coupons to retirees, Tsipras said he realised that it was the end questioning him: “Are you serious?”
Enduring Criticism
Within the book, the author asserts that his former ally demonstrated himself “unfit for a deal that required intricate and delicate management.”
Tsipras also claimed how Varoufakis's confrontational approach left him more and more alone with colleagues, endangered the country, while helped hawks who were pushing for Grexit.
The retelling of history has provoked anger along with stunned disbelief in some quarters, whereas the former minister has maintained a deafening silence on the matter.
