Within his recently unveiled autobiography, called Ithaki, the former premier Alexis Tsipras pulls no punches while he revisits that chaotic period during Greece's debt drama.
An Unconventional Choice
As per Tsipras's account, Tsipras chose that maverick economist Yanis Varoufakis as his treasury head primarily because of his international reputation along with his very persuasive skills as a public orator.
“In reality, he was, in reality, more of a star rather than an economic expert,” recalled Tsipras.
Conflicting Priorities
The former leader claims how his finance chief possessed his own agenda that included advancing his books and experimenting with his own game theories on the nation rather than truly advocating its financial survival.
He explained how the negotiations to stave off bankruptcy became “not just a method to secure a better deal for Greece. They became a test, an historic opportunity to demonstrate the truth of his theories.”
Critical Talks
Amid tense negotiations, Greece found itself dangerously on the brink of leaving the single currency area.
On the line was both the country's future and those harsh cutbacks required in exchange for bailout funds from foreign lenders.
Failed Alternatives
Attempts to secure funds elsewhere, including an urgent plea to Russia to buy Greek bonds, fell on stony ground.
Assisting the indebted country would be equivalent to throwing money into the garbage, Putin is reputed to have told Tsipras during their meeting.
Referendum Followed by U-Turn
In July 2015, the harsh conditions were subjected to a public vote, a move that plunged Europe 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 then negotiate a rescue deal with creditors which proved to be more severe.
Final Straw
Tsipras claimed that he started questioning his finance minister quite early on.
“Varoufakis was the face of negotiation, the man who attracted publicity, who graced the front pages of publications the world over … he gave the impression he relished his new role.”
After Varoufakis outlined a backup strategy involving establishing a secondary currency as well as issuing coupons to pensioners, Tsipras knew it was the end questioning Varoufakis: “Is this for real?”
Lasting Rebuke
Within the memoir, Tsipras asserts that his former ally demonstrated himself “unsuitable for a deal that required complex and delicate management.”
Tsipras also claimed how Varoufakis's aggressive approach made him increasingly isolated with colleagues, endangered the country, and helped hardliners who were advocating Grexit.
This retelling of events has provoked fury and shock among certain groups, while Varoufakis has so far kept a deafening silence on the matter.