Within his recently unveiled personal account, called Ithaki, the former prime minister Alexis Tsipras spares no criticism as he reflects on that turbulent era of Greece's debt drama.
A Controversial Appointment
In the ex-PM's account, he selected that maverick academic Yanis Varoufakis to be the treasury head primarily because of the latter's global profile along with Varoufakis's very persuasive abilities when it came to communicator.
“In reality, he was, actually, more like a celebrity and less of an economic expert,” stated Tsipras.
Clashing Priorities
Tsipras suggests that his finance chief possessed a personal motives that included promoting Varoufakis's publications as well as testing out his own theories on Greece rather than truly advocating its economic stability.
Tsipras wrote how those talks to prevent insolvency became “not just a method of achieving a better deal for Greece. They became an experiment, a monumental opportunity to demonstrate the validity of his theories.”
High-Stakes Talks
During tense discussions, the country found itself perilously close to exiting the eurozone.
At stake was both Greece's future but also the punishing austerity policies demanded in return for bailout funds from foreign lenders.
Unsuccessful Options
Attempts to secure funds elsewhere, such as a desperate plea to Russia to purchase Greek government bonds, fell on stony ground.
Helping Greece was equivalent to throwing money in the trash-can, Putin is reputed to have informed Tsipras in Moscow.
Referendum and Reversal
That summer, the excoriating conditions were subjected to a public vote, an action that plunged Europe into further crisis of identity.
Even though the vote was won decisively by voters against austerity, Tsipras was forced to reject its outcome and negotiate a rescue deal with foreign lenders which proved to be tougher.
Breaking Point
The ex-PM claimed that he started questioning his finance minister quite early on.
“He was the face of negotiation, the figure who attracted publicity, who graced the covers of magazines the world over … he gave the impression he was enjoying his new role.”
After Varoufakis outlined a contingency plan that included establishing a parallel currency and distributing vouchers to pensioners, the leader said he realised that it was game over and asked him: “Is this for real?”
Enduring Rebuke
Within the book, the author asserts how Varoufakis had proved himself to be “unfit for a deal demanding complex and delicate handling.”
Tsipras also wrote that his confrontational style made him more and more alone with colleagues, endangered the country, and assisted hawks that were pushing for Grexit.
This retelling of history has provoked fury along with shock in some quarters, while Varoufakis has so far maintained a deafening silence regarding these claims.
