In a freshly published autobiography, called Ithaki, the ex- premier Alexis Tsipras pulls no punches while he reflects on the chaotic period of Greece's economic turmoil.
An Unconventional Choice
According to Tsipras's account, Tsipras chose that maverick economist Yanis Varoufakis to be the finance minister mainly because of his international reputation along with his highly compelling abilities as a communicator.
“He was, actually, more of a star rather than an economic expert,” wrote Tsipras.
Conflicting Priorities
The former leader suggests how his finance chief possessed his own agenda that included promoting Varoufakis's books as well as experimenting with his own theories using Greece instead of truly fighting for the country's economic stability.
He noted how the negotiations to avoid bankruptcy were “not only a method of achieving improved terms for the country. They were an experiment, an historic chance to demonstrate the truth of his ideas.”
High-Stakes Negotiations
Amid rollercoaster discussions, Greece came perilously close to leaving the single currency area.
On the line was both the country's destiny but also the harsh austerity policies required in return for bailout funds by foreign lenders.
Failed Alternatives
Attempts to find funds from other sources, including an urgent appeal to the Kremlin to buy Greek government bonds, fell on stony ground.
Helping Greece would be tantamount to tossing cash in the trash-can, the Russian leader is reputed to have told Tsipras during their meeting.
Referendum Followed by U-Turn
In July 2015, the punitive bailout terms were subjected to a public vote, a move which plunged the EU into a further crisis of identity.
Even though the vote was carried decisively by voters against the cuts, the prime minister had little option to reject its outcome then agree to a bailout package with foreign lenders which turned out to be more severe.
Final Straw
Tsipras revealed how he started questioning his finance minister quite early on.
“Varoufakis was the face of the talks, the man who attracted media attention, who graced the front pages of magazines the world over … it seemed he relished the spotlight.”
After the minister proposed a backup strategy involving establishing a secondary currency and issuing vouchers to pensioners, Tsipras said he realised that it was game over questioning him: “Can you be serious?”
Enduring Criticism
Within the book, the author asserts that his former ally had proved himself to be “unsuitable for a deal demanding intricate and delicate handling.”
Tsipras also wrote how his confrontational approach left him more and more alone among peers, endangered the country, while assisted hawks who were advocating a Greek exit from the euro.
The retelling of events has provoked fury along with shock in some quarters, whereas Varoufakis has so far maintained a deafening silence on the matter.
