Within his freshly published personal account, called Ithaki, the former prime minister Alexis Tsipras does not hold back while he revisits the chaotic era during Greece's economic turmoil.
A Controversial Appointment
As per the ex-PM's recollections, he appointed that maverick academic Yanis Varoufakis to be the finance minister largely because of the latter's global profile and his highly compelling skills as a speaker.
“He was, in reality, more of a personality and less of an economic expert,” stated the 51-year-old.
Conflicting Priorities
Tsipras suggests how Varoufakis had a personal motives which included promoting his publications as well as experimenting with his economic models using Greece instead of truly fighting for its financial survival.
He explained that the negotiations to avoid insolvency became “not just a method to secure improved terms for Greece. They became an experiment, a monumental chance to demonstrate the truth of Varoufakis's theories.”
High-Stakes Talks
During rollercoaster negotiations, Greece found itself dangerously close to leaving the single currency area.
On the line was both the country's future and the harsh austerity policies required in exchange for rescue loans by international creditors.
Unsuccessful Options
Attempts to find funds from other sources, including a desperate plea to Russia to buy Greek government bonds, went unanswered.
Assisting the indebted country would be tantamount to throwing money into the garbage, the Russian leader is reputed to have told his Greek counterpart in Moscow.
Public Vote and Reversal
That summer, those harsh conditions were subjected to a popular referendum, a move that plunged Europe into further crisis of identity.
Even though the vote was carried decisively by those who opposed the cuts, Tsipras was forced to ignore the result then negotiate a bailout package with creditors that turned out to be more severe.
Final Straw
The ex-PM revealed that he started questioning Varoufakis quite early on.
“Varoufakis was the face of the talks, the man who drew publicity, who appeared on the front pages of publications the world over … he gave the impression he was enjoying his new role.”
After the minister outlined a backup strategy involving creating a parallel currency and issuing vouchers to pensioners, Tsipras knew it was game over and asked Varoufakis: “Can you be serious?”
Lasting Rebuke
Within the memoir, Tsipras asserts that his former ally demonstrated himself “unfit for a deal that required intricate and sensitive management.”
Tsipras further claimed that Varoufakis's aggressive style made him increasingly isolated among peers, put Greece at risk, while assisted hardliners that were advocating a Greek exit from the euro.
The account of history has been met with fury along with stunned disbelief among certain groups, whereas the former minister has kept a deafening silence on the matter.
