Within his freshly published memoir, called Ithaki, the ex- premier Alexis Tsipras spares no criticism as he revisits the chaotic era of Greece's economic turmoil.
A Controversial Appointment
In the ex-PM's recollections, he appointed the maverick academic Yanis Varoufakis to be the treasury head largely because of his worldwide fame and Varoufakis's highly compelling abilities when it came to public orator.
“In reality, he was, truthfully, more like a star and less of an economic expert,” recalled Tsipras.
Conflicting Agendas
The former leader suggests how his finance chief had his own motives that involved promoting his books as well as experimenting with his game theories on Greece instead of truly fighting for its financial survival.
Tsipras explained that those negotiations to stave off insolvency were “not only a way to secure a better deal for the country. They became a test, an historic chance to prove the truth of his ideas.”
High-Stakes Talks
During tense negotiations, Greece found itself dangerously close to leaving the single currency area.
At stake was both the country's future and those punishing cutbacks demanded in return for bailout funds from international creditors.
Failed Alternatives
Attempts to secure funds from other sources, such as a desperate appeal to the Kremlin to purchase Greek government bonds, fell on stony ground.
Assisting the indebted country was equivalent to throwing money in the trash-can, Putin is reputed to have told Tsipras during their meeting.
Referendum and Reversal
That summer, the punitive conditions were put to a popular referendum, an action that threw Europe into deeper crisis of identity.
Even though the vote was carried resoundingly by those who opposed the cuts, Tsipras had little option but to ignore the result then agree to a bailout package with foreign lenders that proved to be more severe.
Breaking Point
The ex-PM claimed how he started questioning Varoufakis quite early on.
“He was the face of the talks, the man who drew media attention, who graced the covers of magazines globally … it seemed he was enjoying his new role.”
When Varoufakis outlined a backup strategy involving creating a parallel currency as well as distributing coupons to pensioners, Tsipras said he realised that it was game over questioning him: “Are you serious?”
Lasting Criticism
Within the memoir, the author concludes that Varoufakis demonstrated himself to be “unsuitable for a deal that required complex and delicate handling.”
Tsipras further claimed that his confrontational approach left him increasingly isolated with colleagues, endangered the country, while assisted hardliners who were advocating a Greek exit from the euro.
The retelling of history has provoked fury along with stunned disbelief among certain groups, while Varoufakis has kept a conspicuous quiet on the matter.
