In a freshly published personal account, titled Ithaki, the ex- leader Alexis Tsipras pulls no punches while he revisits that chaotic era during Greece's debt drama.
An Unconventional Choice
According to the ex-PM's recollections, Tsipras selected the unorthodox academic Yanis Varoufakis to be the finance minister primarily because of the latter's international reputation along with his highly compelling skills when it came to communicator.
“He was, in reality, more like a celebrity and less of an economist,” wrote Tsipras.
Conflicting Priorities
The former leader suggests how Varoufakis possessed his own motives which included promoting his publications and experimenting with his game theories using the nation rather than truly fighting for its financial survival.
He explained that the talks to prevent insolvency were “not just a way of achieving a better deal for Greece. They were a test, an historic opportunity to demonstrate the validity of Varoufakis's economic theories.”
High-Stakes Negotiations
During rollercoaster negotiations, the country found itself dangerously on the brink of leaving the eurozone.
At stake was both the country's future and those harsh austerity measures required in exchange for bailout funds by international creditors.
Failed Options
Efforts to secure funds from other sources, such as a desperate plea to Russia to purchase Greek government bonds, were rejected.
Assisting the indebted country would be tantamount to tossing cash into the garbage, the Russian leader is reputed to have informed his Greek counterpart in Moscow.
Referendum and Reversal
That summer, those excoriating conditions were put to a public vote, a move which threw Europe into deeper crisis of identity.
Although the vote was won decisively by voters against austerity, Tsipras was forced to reject its outcome and negotiate a rescue deal with creditors which proved to be even harsher.
Final Straw
Tsipras claimed how he started questioning his finance minister quite early on.
“Varoufakis was the public image of the talks, the man who drew publicity, who appeared on the front pages of magazines globally … it seemed he relished his new role.”
When Varoufakis outlined a contingency plan that included creating a parallel currency and issuing vouchers to pensioners, Tsipras said he realised that it was the end and asked him: “Can you be serious?”
Lasting Criticism
Within the book, Tsipras asserts that Varoufakis had proved himself “unfit for a deal demanding complex and delicate handling.”
He further wrote how Varoufakis's aggressive approach made him more and more alone with colleagues, endangered the country, and helped hardliners that were pushing for Grexit.
The account of events has been met with anger and shock among certain groups, while the former minister has so far kept a conspicuous quiet on the matter.
