In a freshly published personal account, named Ithaki, the ex- prime minister Alexis Tsipras pulls no punches while he reflects on that turbulent period during Greece's financial crisis.
An Unconventional Choice
In the ex-PM's version, Tsipras appointed that unorthodox economist Yanis Varoufakis as the treasury head primarily because of his global profile along with his “extremely attractive” abilities when it came to communicator.
“He was, in reality, more of a star and less of an economic expert,” recalled the 51-year-old.
Conflicting Agendas
The former leader alleges that Varoufakis had a personal agenda which involved advancing his books as well as testing out his economic models using the nation instead of truly fighting for the country's economic stability.
Tsipras wrote that the talks to avoid bankruptcy became “not just a method to secure improved terms for Greece. They became an experiment, an historic chance to demonstrate the truth of Varoufakis's theories.”
Critical Talks
Amid tense negotiations, Greece came perilously on the brink of leaving the single currency area.
On the line lay both Greece's destiny and those harsh cutbacks required in exchange for bailout funds by international creditors.
Failed Alternatives
Efforts to find funds elsewhere, including a desperate appeal to the Kremlin to buy Greek government bonds, were rejected.
Assisting Greece was equivalent to tossing cash into the garbage, Putin is reputed to have told his Greek counterpart during their meeting.
Referendum and Reversal
That summer, those excoriating bailout terms were put to a popular referendum, a move which threw the EU into further crisis of identity.
Even though the referendum was won resoundingly by voters who opposed austerity, Tsipras had little option but to ignore the result then agree to a bailout package from foreign lenders which proved to be tougher.
Final Straw
Tsipras revealed that he started questioning his finance minister quite early on.
“He was the public image of negotiation, the man who attracted media attention, who appeared on the covers of magazines globally … he gave the impression he was enjoying his new role.”
When the minister outlined a backup strategy involving creating a parallel currency as well as issuing coupons to retirees, Tsipras knew that it was game over and asked Varoufakis: “Can you be serious?”
Enduring Rebuke
In the book, the author concludes how Varoufakis had proved himself “unsuitable for a deal that required intricate and sensitive handling.”
Tsipras further wrote how Varoufakis's aggressive style made him more and more alone among peers, put Greece at risk, and assisted hardliners who were pushing for Grexit.
This account of events has provoked fury along with shock among certain groups, whereas Varoufakis has kept a deafening silence on the matter.
