Within his recently unveiled personal account, titled Ithaki, the ex- leader Alexis Tsipras does not hold back as he reflects on the chaotic era during Greece's economic turmoil.
An Unconventional Choice
In the ex-PM's version, he selected that maverick economist Yanis Varoufakis to be his finance minister mainly due to his global profile and his “extremely attractive” skills when it came to communicator.
“In reality, he was, actually, more like a celebrity rather than an economic expert,” wrote Tsipras.
Conflicting Agendas
Tsipras suggests that Varoufakis possessed a personal agenda that included advancing his books as well as experimenting with his economic models using Greece rather than truly fighting for its financial survival.
He explained how the negotiations to prevent insolvency were “not only a method of achieving improved terms for the country. They were an experiment, a monumental chance to demonstrate the truth of his ideas.”
Critical Negotiations
During volatile negotiations, the country found itself perilously close to exiting the single currency area.
On the line lay both the country's future but also those severe austerity measures required in return for rescue loans by international creditors.
Failed Options
Attempts to find funds from other sources, including a desperate appeal to the Kremlin to buy Greek bonds, were rejected.
Assisting Greece would be equivalent to throwing money in the trash-can, the Russian leader reportedly told his Greek counterpart in Moscow.
Public Vote Followed by Reversal
That summer, those harsh conditions were put to a public vote, a move which threw Europe into further existential crisis.
Although the referendum was won decisively by voters against austerity, the prime minister had little option to reject its outcome then negotiate a rescue deal with foreign lenders that turned out to be more severe.
Final Straw
The ex-PM revealed how he began to doubt his finance minister relatively soon.
“He was the public image of the talks, the man who attracted publicity, who appeared on the covers of publications the world over … it seemed he relished his new role.”
When Varoufakis outlined a backup strategy involving creating a secondary currency as well as issuing vouchers to pensioners, Tsipras said he realised that it was game over and asked Varoufakis: “Can you be serious?”
Enduring Criticism
In the memoir, the author asserts that Varoufakis had proved himself to be “unfit for a deal demanding complex and sensitive handling.”
He also wrote that Varoufakis's aggressive style made him more and more alone among peers, endangered the country, and helped hardliners who were advocating a Greek exit from the euro.
This retelling of events has been met with fury and shock in some quarters, while Varoufakis has maintained a conspicuous quiet on the matter.
