Within his recently unveiled personal account, titled Ithaki, the ex- premier Alexis Tsipras pulls no punches as he revisits that chaotic era of Greece's financial crisis.
A Controversial Appointment
As per Tsipras's version, he chose that maverick academic Yanis Varoufakis to be his treasury head primarily because of his worldwide fame and Varoufakis's highly compelling skills as a communicator.
“He was, in reality, more like a star and less of an economist,” wrote the 51-year-old.
Conflicting Priorities
The former leader alleges how Varoufakis possessed his own agenda that included promoting Varoufakis's publications and experimenting with his game theories on the nation instead of genuinely fighting for its economic stability.
Tsipras noted that those talks to prevent insolvency were “not only a method to secure improved terms for the country. They were an experiment, an historic chance to prove the truth of Varoufakis's theories.”
High-Stakes Negotiations
During tense discussions, Greece came perilously close to leaving the eurozone.
At stake lay both the country's destiny but also the harsh austerity measures required in exchange for rescue loans from international creditors.
Failed Options
Efforts to secure financing from other sources, such as a desperate appeal to the Kremlin to buy Greek bonds, fell on stony ground.
Helping Greece would be tantamount to tossing cash in the trash-can, Putin reportedly told his Greek counterpart in Moscow.
Referendum Followed by U-Turn
That summer, those excoriating conditions were subjected to a public vote, a move that plunged the EU into deeper crisis of identity.
Even though the vote was won resoundingly by voters against the cuts, Tsipras was forced to ignore the result and negotiate a bailout package from foreign lenders which proved to be even harsher.
Breaking Point
The ex-PM revealed how he began to doubt his finance minister quite early on.
“Varoufakis was the public image of the talks, the man who attracted media attention, who graced the covers of magazines globally … it seemed he relished the spotlight.”
After the minister proposed a backup strategy involving creating a secondary currency and distributing coupons to retirees, Tsipras said he realised that it was the end and asked him: “Can you be serious?”
Enduring Rebuke
Within the book, Tsipras concludes how Varoufakis demonstrated himself to be “unsuitable for an agreement that required intricate and delicate handling.”
He also wrote that his aggressive approach made him more and more alone among peers, put Greece at risk, while helped hawks who were advocating Grexit.
The retelling of history has provoked fury along with stunned disbelief among certain groups, while the former minister has maintained a conspicuous quiet on the matter.
