Within his freshly published personal account, named Ithaki, the ex- premier Alexis Tsipras does not hold back as he examines the turbulent era of Greece's financial crisis.
A Controversial Appointment
In Tsipras's version, he chose the unorthodox economist Yanis Varoufakis as his finance minister primarily due to his worldwide fame and Varoufakis's very persuasive abilities when it came to public orator.
“He was, in reality, more like a star and less of an economic expert,” stated the 51-year-old.
Conflicting Agendas
The former leader suggests how his finance chief had his own agenda that involved advancing Varoufakis's books and testing out his own economic models using the nation rather than genuinely fighting for the country's financial survival.
He noted how those negotiations to stave off bankruptcy were “not only a way to secure improved terms for Greece. They were an experiment, a monumental opportunity to prove the validity of his economic theories.”
High-Stakes Negotiations
During volatile negotiations, Greece found itself dangerously on the brink of exiting the single currency area.
At stake lay not only the country's future and the harsh austerity measures demanded in return for bailout funds by foreign lenders.
Unsuccessful Alternatives
Attempts to secure funds elsewhere, including a desperate appeal to Russia to buy Greek bonds, went unanswered.
Helping the indebted country was tantamount to tossing cash in the trash-can, Putin is reputed to have told his Greek counterpart in Moscow.
Public Vote Followed by U-Turn
That summer, those excoriating conditions were subjected to a popular referendum, an action which plunged Europe into a deeper crisis of identity.
Even though the vote was carried resoundingly by those against the cuts, the prime minister had little option but to ignore the result and negotiate a bailout package with creditors which proved to be even harsher.
Breaking Point
Tsipras claimed that he began to doubt his finance minister quite early on.
“Varoufakis was the public image of the talks, the man who attracted media attention, who appeared on the front pages of publications globally … he gave the impression he relished the spotlight.”
When Varoufakis proposed a backup strategy that included establishing a secondary currency as well as issuing coupons to retirees, the leader said he realised it was game over and asked Varoufakis: “Are you serious?”
Enduring Rebuke
In the book, the author concludes how his former ally demonstrated himself to be “unfit for an agreement demanding complex and delicate handling.”
Tsipras also wrote how Varoufakis's aggressive style left him increasingly isolated with colleagues, endangered the country, and assisted hardliners who were advocating Grexit.
The retelling of history has provoked fury along with shock in some quarters, whereas Varoufakis has so far kept a conspicuous quiet on the matter.
