In a recently unveiled personal account, named Ithaki, the former prime minister Alexis Tsipras does not hold back as he reflects on the chaotic period of Greece's economic turmoil.
An Unconventional Appointment
As per Tsipras's version, Tsipras chose that maverick economist Yanis Varoufakis as his treasury head largely due to his international reputation and Varoufakis's very persuasive abilities as a communicator.
“In reality, he was, truthfully, more like a star rather than an economic expert,” wrote the 51-year-old.
Conflicting Agendas
The former leader claims that his finance chief possessed his own motives which included promoting Varoufakis's books and experimenting with his own economic models on the nation instead of genuinely advocating its economic stability.
Tsipras explained that the talks to stave off insolvency became “not just a way to secure a better deal for Greece. They were an experiment, a monumental opportunity to demonstrate the truth of his theories.”
High-Stakes Negotiations
During tense discussions, the country found itself dangerously close to leaving the single currency area.
On the line was not only the country's future but also those severe austerity measures demanded in exchange for rescue loans by foreign lenders.
Failed Alternatives
Efforts to find financing from other sources, such as a desperate plea to the Kremlin to purchase Greek government bonds, were rejected.
Helping the indebted country was tantamount to tossing cash into the garbage, Putin reportedly informed Tsipras during their meeting.
Public Vote and U-Turn
That summer, those excoriating conditions were subjected to a popular referendum, an action which plunged Europe into deeper crisis of identity.
Even though the referendum was won resoundingly by those who opposed austerity, the prime minister had little option but to reject its outcome and agree to a bailout package from creditors which proved to be even harsher.
Breaking Point
Tsipras claimed how he started questioning his finance minister relatively soon.
“Varoufakis was the public image of negotiation, the man who attracted publicity, who graced the covers of publications the world over … he gave the impression he was enjoying the spotlight.”
When Varoufakis proposed a contingency plan involving establishing a secondary currency as well as issuing coupons to pensioners, the leader said he realised it was game over and asked Varoufakis: “Can you be serious?”
Lasting Rebuke
Within the book, the author asserts that Varoufakis had proved himself to be “unsuitable for a deal demanding complex and sensitive handling.”
Tsipras further wrote how Varoufakis's confrontational approach left him increasingly isolated among peers, endangered the country, while helped hardliners that were advocating Grexit.
This account of events has been met with fury and stunned disbelief among certain groups, whereas the former minister has so far maintained a conspicuous quiet on the matter.
