Within his newly released personal account, called Ithaki, the ex- premier Alexis Tsipras does not hold back as he revisits that turbulent period during Greece's economic turmoil.
A Controversial Appointment
According to Tsipras's version, Tsipras selected the unorthodox academic Yanis Varoufakis as the treasury head mainly because of the latter's worldwide fame along with his “extremely attractive” abilities as a communicator.
“He was, truthfully, more like a star rather than an economist,” recalled Tsipras.
Conflicting Priorities
Tsipras suggests that his finance chief possessed a personal agenda that involved advancing Varoufakis's books and experimenting with his own game theories on the nation instead of truly fighting for its financial survival.
Tsipras noted how the talks to prevent bankruptcy became “not only a method to secure improved terms for Greece. They became a test, an historic chance to demonstrate the truth of Varoufakis's economic theories.”
Critical Negotiations
During rollercoaster discussions, Greece found itself perilously close to leaving the single currency area.
On the line was not only Greece's destiny but also the punishing cutbacks demanded in exchange for bailout funds by international creditors.
Failed Alternatives
Attempts to secure financing elsewhere, such as a desperate plea to the Kremlin to purchase Greek government bonds, were rejected.
Helping the indebted country would be equivalent to tossing cash into the garbage, Putin is reputed to have informed Tsipras during their meeting.
Referendum and Reversal
In July 2015, the punitive bailout terms were subjected to a popular referendum, an action which plunged Europe into further crisis of identity.
Even though the vote was carried resoundingly by those who opposed the cuts, Tsipras was forced to reject its outcome then negotiate a bailout package from creditors which proved to be more severe.
Breaking Point
The ex-PM revealed how he started questioning Varoufakis quite early on.
“He was the face of the talks, the man who attracted publicity, who graced the covers of publications globally … he gave the impression he relished his new role.”
When Varoufakis outlined a backup strategy involving establishing a secondary currency and issuing vouchers to retirees, the leader said he realised it was the end and asked him: “Can you be serious?”
Lasting Criticism
In the book, the author asserts how Varoufakis demonstrated himself to be “unfit for an agreement demanding complex and delicate management.”
Tsipras also wrote that Varoufakis's aggressive style left him more and more alone with colleagues, put Greece at risk, while helped hawks who were pushing for Grexit.
This account of history has provoked fury and shock among certain groups, while Varoufakis has maintained a conspicuous quiet on the matter.
