In a freshly published autobiography, named Ithaki, the former premier Alexis Tsipras does not hold back as he reflects on the chaotic period during Greece's economic turmoil.
A Controversial Appointment
According to Tsipras's account, he chose the unorthodox economist Yanis Varoufakis to be his treasury head mainly because of the latter's international reputation along with his highly compelling skills when it came to communicator.
“In reality, he was, actually, more like a star and less of an economic expert,” stated Tsipras.
Conflicting Agendas
Tsipras alleges how his finance chief had a personal motives which involved advancing his books as well as experimenting with his economic models on Greece rather than genuinely fighting for the country's financial survival.
Tsipras noted that those discussions to avoid insolvency were “not only a way of achieving improved terms for Greece. They became an experiment, a monumental chance to demonstrate the validity of his theories.”
Critical Negotiations
Amid tense discussions, the country found itself dangerously close to leaving the eurozone.
At stake was both the country's future but also the severe austerity policies demanded in return for financial aid by foreign lenders.
Failed Alternatives
Efforts to secure financing from other sources, including an urgent appeal to Russia to buy Greek government bonds, fell on stony ground.
Assisting the indebted country would be tantamount to tossing cash in the trash-can, the Russian leader is reputed to have told Tsipras during their meeting.
Public Vote Followed by Reversal
In July 2015, the harsh bailout terms were put to a public vote, a move which plunged the EU into further crisis of identity.
Although the vote was carried decisively by voters who opposed the cuts, Tsipras was forced but to ignore the result then agree to a bailout package with creditors that turned out to be even harsher.
Breaking Point
The ex-PM claimed how he started questioning his finance minister relatively soon.
“Varoufakis was the face of the talks, the figure who drew media attention, who graced the front pages of magazines the world over … it seemed he relished the spotlight.”
When Varoufakis proposed a contingency plan involving creating a secondary currency and issuing coupons to retirees, Tsipras knew that it was game over and asked him: “Can you be serious?”
Enduring Rebuke
In the book, Tsipras concludes that Varoufakis demonstrated himself “unfit for a deal that required intricate and delicate handling.”
Tsipras further claimed that Varoufakis's confrontational approach made him increasingly isolated among peers, endangered the country, while assisted hawks who were pushing for Grexit.
The retelling of events has provoked anger along with stunned disbelief in some quarters, whereas Varoufakis has kept a conspicuous quiet regarding these claims.
