In a newly released personal account, titled Ithaki, the former prime minister Alexis Tsipras spares no criticism as he examines that turbulent period of Greece's economic turmoil.
A Controversial Appointment
According to the ex-PM's account, Tsipras appointed that maverick academic Yanis Varoufakis as the treasury head primarily because of the latter's worldwide fame along with Varoufakis's “extremely attractive” skills when it came to communicator.
“In reality, he was, actually, more of a personality and less of an economic expert,” recalled the 51-year-old.
Clashing Priorities
Tsipras claims that Varoufakis possessed a personal motives that included advancing Varoufakis's books and testing out his economic models using the nation instead of truly advocating its financial survival.
Tsipras noted how those talks to prevent bankruptcy became “not just a way to secure a better deal for the country. They became an experiment, a monumental opportunity to demonstrate the truth of his economic theories.”
Critical Talks
During rollercoaster discussions, the country came dangerously close to exiting the single currency area.
At stake was not only Greece's future and those severe austerity measures demanded in exchange for rescue loans by foreign lenders.
Failed Alternatives
Attempts to secure financing elsewhere, including a desperate plea to Russia to buy Greek bonds, went unanswered.
Assisting the indebted country would be equivalent to tossing cash into the garbage, Putin is reputed to have told Tsipras during their meeting.
Public Vote and U-Turn
That summer, those harsh conditions were put to a popular referendum, an action that plunged the EU into a further existential crisis.
Even though the referendum was carried decisively by those against austerity, Tsipras was forced to reject its outcome then agree to a rescue deal with foreign lenders which proved to be tougher.
Breaking Point
Tsipras revealed that he began to doubt his finance minister quite early on.
“Varoufakis was the face of the talks, the figure who attracted publicity, who appeared on the front pages of magazines the world over … he gave the impression he was enjoying the spotlight.”
After the minister proposed a contingency plan that included establishing a secondary currency as well as distributing vouchers to retirees, the leader knew that it was game over and asked Varoufakis: “Can you be serious?”
Lasting Rebuke
In the book, Tsipras asserts that Varoufakis demonstrated himself “unsuitable for a deal that required complex and sensitive management.”
He also claimed how Varoufakis's aggressive approach made him more and more alone among peers, endangered the country, while assisted hawks who were pushing for Grexit.
This retelling of events has provoked fury and shock in some quarters, whereas Varoufakis has so far kept a deafening silence on the matter.
