In a freshly published personal account, titled Ithaki, the former leader Alexis Tsipras pulls no punches while he revisits the turbulent period during Greece's economic turmoil.
A Controversial Appointment
As per the ex-PM's version, he chose the unorthodox economist Yanis Varoufakis as the finance minister mainly due to the latter's worldwide fame and his “extremely attractive” skills when it came to communicator.
“In reality, he was, in reality, more of a personality rather than an economic expert,” wrote the 51-year-old.
Conflicting Priorities
Tsipras claims how his finance chief possessed his own agenda that included promoting Varoufakis's publications and testing out his economic models using Greece instead of genuinely fighting for the country's economic stability.
Tsipras noted how the discussions to avoid insolvency were “not only a way of achieving improved terms for Greece. They were an experiment, an historic chance to prove the validity of Varoufakis's theories.”
Critical Talks
Amid tense discussions, the country found itself dangerously on the brink of exiting the single currency area.
On the line lay not only the country's future and the punishing austerity policies demanded in return for bailout funds from international creditors.
Failed Options
Attempts to secure funds elsewhere, including an urgent appeal to Russia to purchase Greek government bonds, went unanswered.
Assisting Greece was equivalent to throwing money into the garbage, the Russian leader reportedly informed his Greek counterpart during their meeting.
Referendum Followed by Reversal
That summer, those punitive bailout terms were subjected to a popular referendum, an action which plunged the EU into deeper crisis of identity.
Although the vote was won decisively by voters who opposed austerity, the prime minister was forced but to reject its outcome and negotiate a rescue deal from foreign lenders that proved to be tougher.
Breaking Point
Tsipras claimed that he started questioning Varoufakis quite early on.
“Varoufakis was the public image of negotiation, the figure who attracted publicity, who appeared on the front pages of publications the world over … he gave the impression he relished the spotlight.”
After Varoufakis outlined a contingency plan that included creating a secondary currency and distributing vouchers to retirees, Tsipras knew it was the end and asked Varoufakis: “Can you be serious?”
Lasting Rebuke
Within the memoir, Tsipras concludes that Varoufakis had proved himself to be “unsuitable for an agreement that required intricate and delicate handling.”
Tsipras further wrote that Varoufakis's confrontational style left him increasingly isolated with colleagues, endangered the country, and assisted hardliners that were pushing for Grexit.
This account of history has provoked anger and shock among certain groups, whereas Varoufakis has kept a conspicuous quiet on the matter.
