In a recently unveiled personal account, called Ithaki, the former leader Alexis Tsipras spares no criticism as he examines that chaotic era of Greece's debt drama.
A Controversial Choice
According to Tsipras's account, he selected that maverick academic Yanis Varoufakis as the finance minister primarily because of the latter's international reputation along with Varoufakis's highly compelling skills as a communicator.
“In reality, he was, actually, more of a personality and less of an economic expert,” recalled Tsipras.
Conflicting Priorities
Tsipras alleges how Varoufakis had a personal motives which included promoting Varoufakis's books as well as testing out his own theories using Greece rather than truly fighting for its financial survival.
Tsipras wrote how those talks to avoid bankruptcy became “not only a method of achieving a better deal for the country. They were a test, an historic opportunity to demonstrate the truth of his economic theories.”
High-Stakes Negotiations
Amid volatile discussions, Greece found itself perilously on the brink of leaving the single currency area.
At stake was not only Greece's future but also the punishing cutbacks demanded in return for bailout funds by foreign lenders.
Unsuccessful Options
Efforts to find funds elsewhere, including an urgent appeal to the Kremlin to buy Greek government bonds, were rejected.
Helping Greece would be equivalent to throwing money into the garbage, Putin reportedly informed Tsipras during their meeting.
Referendum and U-Turn
That summer, the punitive conditions were subjected to a public vote, a move which threw the EU into a deeper crisis of identity.
Even though the referendum was carried resoundingly by those who opposed the cuts, Tsipras was forced but to ignore the result and agree to a bailout package with creditors which proved to be tougher.
Breaking Point
Tsipras claimed how he began to doubt his finance minister quite early on.
“He was the face of the talks, the man who attracted publicity, who appeared on the front pages of magazines globally … it seemed he relished his new role.”
After Varoufakis proposed a contingency plan that included establishing a secondary currency and issuing vouchers to pensioners, the leader knew it was game over and asked him: “Are you serious?”
Lasting Rebuke
In the book, Tsipras asserts that Varoufakis had proved himself to be “unsuitable for an agreement demanding intricate and sensitive management.”
Tsipras also wrote how Varoufakis's aggressive approach left him more and more alone among peers, endangered the country, and helped hawks who were pushing for a Greek exit from the euro.
This retelling of events has provoked fury along with shock among certain groups, whereas the former minister has maintained a deafening silence on the matter.
