Within his recently unveiled personal account, called 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 Tsipras's version, Tsipras selected that maverick economist Yanis Varoufakis to be his treasury head primarily due to the latter's worldwide fame along with his highly compelling skills when it came to speaker.
“In reality, he was, actually, more of a personality rather than an economic expert,” recalled the 51-year-old.
Conflicting Priorities
The former leader suggests how Varoufakis had his own agenda that included promoting his books as well as experimenting with his game theories using the nation rather than genuinely advocating the country's financial survival.
He wrote that those discussions to stave off insolvency became “not only a way of achieving improved terms for the country. They were an experiment, an historic opportunity to prove the truth of Varoufakis's economic theories.”
High-Stakes Negotiations
During rollercoaster negotiations, the country found itself dangerously close to leaving the eurozone.
On the line lay both Greece's future but also those harsh cutbacks demanded in exchange for rescue loans from foreign lenders.
Failed Alternatives
Attempts to secure funds elsewhere, such as a desperate appeal to the Kremlin to purchase Greek government bonds, fell on stony ground.
Helping Greece would be equivalent to tossing cash in the trash-can, Putin reportedly informed his Greek counterpart during their meeting.
Referendum Followed by Reversal
That summer, those punitive bailout terms were put to a public vote, a move that plunged Europe into a deeper crisis of identity.
Although the referendum was carried decisively by those against austerity, the prime minister was forced to ignore the result and agree to a rescue deal from creditors which turned out to be even harsher.
Breaking Point
Tsipras revealed how he began to doubt Varoufakis quite early on.
“Varoufakis was the public image of the talks, the man who drew publicity, who appeared on the covers of magazines the world over … it seemed he relished his new role.”
When Varoufakis proposed a backup strategy involving establishing a secondary currency and distributing vouchers to retirees, the leader knew it was the end and asked him: “Is this for real?”
Enduring Criticism
In the memoir, the author concludes how Varoufakis demonstrated himself to be “unsuitable for an agreement that required complex and delicate handling.”
Tsipras further claimed how Varoufakis's confrontational style made him more and more alone among peers, endangered the country, and helped hardliners that were advocating Grexit.
The account of events has been met with anger along with shock among certain groups, while the former minister has maintained a deafening silence on the matter.
