In a recently unveiled personal account, named Ithaki, the former prime minister Alexis Tsipras spares no criticism while he revisits the turbulent era of Greece's economic turmoil.
An Unconventional Appointment
According to the ex-PM's account, he chose that unorthodox academic Yanis Varoufakis as his finance minister largely because of his international reputation and his very persuasive skills as a speaker.
“He was, in reality, more of a star and less of an economist,” wrote the 51-year-old.
Conflicting Agendas
The former leader suggests how his finance chief possessed a personal motives which involved advancing Varoufakis's publications and testing out his theories using Greece rather than truly advocating the country's financial survival.
Tsipras noted that those discussions to stave off bankruptcy became “not only a way of achieving improved terms for Greece. They were an experiment, a monumental chance to demonstrate the truth of Varoufakis's theories.”
Critical Negotiations
Amid rollercoaster negotiations, the country came perilously close to leaving the single currency area.
At stake lay both the country's destiny and those severe austerity policies required in return for financial aid by international creditors.
Unsuccessful Alternatives
Attempts to find financing elsewhere, including a desperate appeal to Russia to purchase Greek government bonds, went unanswered.
Helping the indebted country would be tantamount to throwing money into the garbage, Putin is reputed to have told Tsipras during their meeting.
Referendum and Reversal
That summer, the harsh conditions were subjected to a public vote, an action which plunged the EU into a deeper crisis of identity.
Although the vote was carried decisively by those against austerity, Tsipras had little option to reject its outcome then agree to a bailout package from creditors that proved to be more severe.
Final Straw
Tsipras revealed that he began to doubt Varoufakis quite early on.
“He was the face of the talks, the figure who attracted media attention, who appeared on the front pages of publications globally … it seemed he relished his new role.”
When the minister outlined a contingency plan involving creating a secondary currency and issuing coupons to pensioners, the leader knew that it was the end questioning Varoufakis: “Are you serious?”
Enduring Rebuke
In the book, the author asserts how Varoufakis demonstrated himself “unsuitable for a deal demanding complex and delicate handling.”
Tsipras also wrote how his confrontational approach made him more and more alone among peers, endangered the country, and assisted hawks that were pushing for a Greek exit from the euro.
The retelling of history has provoked anger along with stunned disbelief among certain groups, while Varoufakis has so far maintained a deafening silence on the matter.
