In a recently unveiled memoir, called Ithaki, the former premier Alexis Tsipras spares no criticism while he examines the chaotic era during Greece's debt drama.
A Controversial Appointment
According to the ex-PM's account, he appointed the maverick academic Yanis Varoufakis to be the finance minister mainly due to the latter's worldwide fame and Varoufakis's highly compelling abilities as a communicator.
“In reality, he was, actually, more like a celebrity and less of an economist,” stated Tsipras.
Clashing Priorities
The former leader alleges that his finance chief possessed a personal agenda that included promoting his books as well as testing out his theories on the nation rather than genuinely advocating the country's financial survival.
He wrote that the discussions to avoid bankruptcy were “not only a method of achieving a better deal for the country. They became an experiment, a monumental chance to prove the validity of Varoufakis's theories.”
High-Stakes Negotiations
Amid volatile discussions, the country came perilously on the brink of exiting the single currency area.
At stake lay not only the country's destiny and the harsh austerity measures demanded in exchange for bailout funds from foreign lenders.
Unsuccessful Alternatives
Attempts to secure funds elsewhere, such as a desperate appeal to Russia to purchase Greek government bonds, were rejected.
Assisting Greece would be equivalent to tossing cash into the garbage, the Russian leader reportedly told his Greek counterpart in Moscow.
Public Vote Followed by Reversal
That summer, the punitive bailout terms were subjected to a popular referendum, a move that plunged Europe into a further existential crisis.
Although the referendum was won resoundingly by those against the cuts, the prime minister was forced but to reject its outcome then agree to a bailout package from foreign lenders that turned out to be more severe.
Final Straw
The ex-PM revealed that he started questioning his finance minister quite early on.
“Varoufakis was the face of the talks, the man who drew publicity, who appeared on the front pages of magazines the world over … it seemed he was enjoying the spotlight.”
After Varoufakis outlined a backup strategy that included creating a parallel currency as well as distributing coupons to pensioners, Tsipras knew that it was game over questioning him: “Are you serious?”
Lasting Criticism
Within the book, the author asserts how his former ally had proved himself “unfit for an agreement that required complex and sensitive handling.”
He further wrote how his aggressive style made him increasingly isolated with colleagues, endangered the country, and helped hardliners that were pushing for Grexit.
This account of history has been met with fury and shock in some quarters, whereas the former minister has kept a deafening silence regarding these claims.
