In a freshly published personal account, titled Ithaki, the ex- prime minister Alexis Tsipras pulls no punches as he revisits the turbulent era during Greece's economic turmoil.
An Unconventional Choice
In Tsipras's account, he appointed the unorthodox academic Yanis Varoufakis to be the treasury head mainly due to the latter's global profile along with Varoufakis's very persuasive skills as a speaker.
“In reality, he was, actually, more of a celebrity rather than an economist,” stated the 51-year-old.
Conflicting Agendas
The former leader claims that Varoufakis possessed his own agenda that included promoting Varoufakis's publications as well as experimenting with his own theories on Greece instead of genuinely advocating its financial survival.
He explained that those discussions to stave off insolvency became “not just a way of achieving a better deal for Greece. They became a test, a monumental chance to prove the validity of Varoufakis's economic theories.”
High-Stakes Talks
During rollercoaster discussions, the country found itself dangerously close to exiting the eurozone.
At stake was not only Greece's destiny but also those harsh austerity measures demanded in exchange for financial aid by international creditors.
Failed Alternatives
Attempts to find funds from other sources, including a desperate appeal to the Kremlin to purchase Greek government bonds, fell on stony ground.
Helping the indebted country was equivalent to tossing cash into the garbage, the Russian leader reportedly told his Greek counterpart during their meeting.
Referendum and Reversal
That summer, the harsh bailout terms were put to a public vote, an action which plunged Europe into a further crisis of identity.
Even though the vote was carried resoundingly by voters against the cuts, the prime minister was forced but to reject its outcome then negotiate a bailout package with creditors that proved to be tougher.
Final Straw
The ex-PM revealed how he started questioning his finance minister relatively soon.
“Varoufakis was the public image of negotiation, the figure who attracted publicity, who graced the front pages of publications globally … he gave the impression he was enjoying his new role.”
After the minister proposed a backup strategy involving creating a secondary currency as well as distributing vouchers to pensioners, the leader knew that it was game over questioning him: “Are you serious?”
Lasting Rebuke
Within the book, the author concludes that Varoufakis demonstrated himself “unsuitable for an agreement that required intricate and delicate management.”
He also wrote how his aggressive style left him increasingly isolated with colleagues, endangered the country, and helped hawks that were pushing for Grexit.
This account of events has provoked fury and stunned disbelief in some quarters, whereas Varoufakis has maintained a conspicuous quiet regarding these claims.
