Within his recently unveiled memoir, called Ithaki, the former leader Alexis Tsipras spares no criticism as he revisits that turbulent era of Greece's economic turmoil.
A Controversial Appointment
In the ex-PM's version, Tsipras appointed that unorthodox economist Yanis Varoufakis as the treasury head mainly because of his worldwide fame and his very persuasive abilities as a public orator.
“In reality, he was, in reality, more like a personality rather than an economist,” wrote the 51-year-old.
Conflicting Priorities
The former leader suggests that his finance chief had his own motives that involved advancing Varoufakis's books as well as experimenting with his own theories on Greece instead of genuinely advocating the country's economic stability.
Tsipras wrote how those discussions to prevent insolvency became “not just a method to secure a better deal for Greece. They became an experiment, a monumental opportunity to demonstrate the validity of Varoufakis's economic theories.”
High-Stakes Negotiations
During tense discussions, Greece came dangerously close to exiting the eurozone.
At stake was not only the country's future and the punishing austerity measures demanded in exchange for bailout funds from foreign lenders.
Unsuccessful Alternatives
Attempts to find funds from other sources, including an urgent appeal to Russia to buy Greek government bonds, went unanswered.
Helping the indebted country would be equivalent to tossing cash into the garbage, Putin reportedly told his Greek counterpart during their meeting.
Public Vote Followed by U-Turn
That summer, those harsh conditions were put to a popular referendum, an action which threw the EU into further existential crisis.
Although the referendum was carried resoundingly by voters who opposed the cuts, the prime minister was forced to reject its outcome and negotiate a rescue deal with foreign lenders that turned out to be even harsher.
Breaking Point
The ex-PM claimed that he started questioning his finance minister relatively soon.
“Varoufakis was the public image of the talks, the figure who attracted publicity, who appeared on the front pages of magazines globally … he gave the impression he was enjoying his new role.”
When the minister proposed a contingency plan that included establishing a parallel currency and distributing coupons to retirees, the leader knew it was the end questioning Varoufakis: “Are you serious?”
Enduring Rebuke
In the memoir, Tsipras concludes how Varoufakis demonstrated himself to be “unfit for a deal demanding complex and sensitive management.”
Tsipras also wrote how Varoufakis's confrontational approach left him more and more alone among peers, put Greece at risk, and assisted hawks that were advocating Grexit.
This retelling of history has provoked anger and shock in some quarters, whereas the former minister has so far maintained a deafening silence regarding these claims.
