Within his freshly published personal account, named Ithaki, the former prime minister Alexis Tsipras does not hold back as he reflects on that chaotic era during Greece's economic turmoil.
An Unconventional Appointment
In the ex-PM's account, he appointed that unorthodox economist Yanis Varoufakis to be his finance minister largely due to the latter's global profile along with Varoufakis's “extremely attractive” abilities as a speaker.
“He was, truthfully, more of a celebrity and less of an economist,” stated the 51-year-old.
Conflicting Priorities
The former leader claims that Varoufakis had his own agenda that included promoting Varoufakis's books and experimenting with his own economic models using Greece instead of genuinely fighting for its economic stability.
He wrote that the talks to stave off insolvency were “not only a method of achieving improved terms for Greece. They became a test, an historic opportunity to prove the truth of his economic theories.”
High-Stakes Negotiations
Amid rollercoaster negotiations, Greece found itself dangerously on the brink of leaving the single currency area.
At stake lay both Greece's destiny and those severe cutbacks required in exchange for bailout funds by international creditors.
Failed Options
Efforts to secure funds from other sources, such as a desperate plea to the Kremlin to purchase Greek bonds, fell on stony ground.
Helping the indebted country was tantamount to tossing cash in the trash-can, Putin is reputed to have told his Greek counterpart during their meeting.
Referendum and Reversal
In July 2015, the punitive bailout terms were subjected to a popular referendum, a move that plunged Europe into deeper existential crisis.
Although the vote was won resoundingly by those who opposed the cuts, Tsipras had little option to ignore the result and negotiate a rescue deal with creditors which proved to be more severe.
Final Straw
Tsipras claimed that he began to doubt Varoufakis relatively soon.
“He was the face of the talks, the man who attracted media attention, who appeared on the covers of magazines the world over … he gave the impression he relished his new role.”
When Varoufakis proposed a backup strategy involving creating a secondary currency and distributing coupons to retirees, the leader knew that it was game over questioning Varoufakis: “Is this for real?”
Enduring Rebuke
In the book, the author asserts that Varoufakis had proved himself “unfit for a deal demanding intricate and delicate handling.”
He also wrote how his aggressive style left him increasingly isolated with colleagues, endangered the country, and assisted hardliners who were advocating Grexit.
The retelling of events has been met with fury along with stunned disbelief in some quarters, while the former minister has so far maintained a deafening silence on the matter.
