In a freshly published personal account, called Ithaki, the former prime minister Alexis Tsipras spares no criticism while he examines that turbulent era during Greece's economic turmoil.
An Unconventional Choice
As per the ex-PM's account, Tsipras chose the unorthodox economist Yanis Varoufakis as the treasury head largely because of his global profile and his “extremely attractive” abilities when it came to public orator.
“In reality, he was, in reality, more of a star rather than an economist,” wrote Tsipras.
Conflicting Agendas
The former leader claims that his finance chief had his own agenda that included promoting his books as well as testing out his economic models using Greece rather than truly fighting for the country's financial survival.
He wrote how those discussions to avoid bankruptcy became “not just a way of achieving a better deal for the country. They became a test, an historic opportunity to prove the truth of Varoufakis's ideas.”
High-Stakes Negotiations
During tense discussions, Greece came dangerously close to leaving the single currency area.
At stake lay both the country's future and those severe austerity measures demanded in return for bailout funds by international creditors.
Failed Alternatives
Attempts to secure financing from other sources, such as a desperate plea to the Kremlin to purchase Greek government bonds, fell on stony ground.
Assisting the indebted country would be tantamount to tossing cash into the garbage, Putin reportedly informed his Greek counterpart in Moscow.
Referendum Followed by Reversal
That summer, the punitive bailout terms were subjected to a popular referendum, an action that plunged Europe into further crisis of identity.
Even though the referendum was won resoundingly by those against the cuts, the prime minister was forced but to reject its outcome and negotiate a bailout package with creditors that proved to be tougher.
Breaking Point
Tsipras claimed how he began to doubt Varoufakis relatively soon.
“Varoufakis was the face of the talks, the man who drew publicity, who appeared on the front pages of publications globally … he gave the impression he was enjoying his new role.”
After Varoufakis proposed a backup strategy involving establishing a parallel currency and issuing vouchers to retirees, the leader said he realised that it was game over questioning him: “Can you be serious?”
Enduring Rebuke
In the book, the author asserts that Varoufakis had proved himself to be “unsuitable for an agreement that required intricate and delicate management.”
He further claimed that Varoufakis's confrontational approach left him increasingly isolated among peers, endangered the country, while helped hardliners who were advocating a Greek exit from the euro.
The account of history has been met with anger along with stunned disbelief among certain groups, while the former minister has kept a conspicuous quiet on the matter.
