Within his freshly published personal account, named Ithaki, the ex- premier Alexis Tsipras pulls no punches while he examines the turbulent era during Greece's financial crisis.
An Unconventional Appointment
In the ex-PM's recollections, he chose the unorthodox economist Yanis Varoufakis as his finance minister mainly because of his global profile along with his very persuasive abilities when it came to speaker.
“In reality, he was, truthfully, more of a star and less of an economic expert,” recalled the 51-year-old.
Clashing Agendas
Tsipras suggests how Varoufakis had a personal agenda which involved advancing Varoufakis's books as well as testing out his own economic models using Greece instead of truly fighting for its economic stability.
He explained how the talks to prevent insolvency were “not only a method of achieving a better deal for Greece. They became an experiment, an historic chance to demonstrate the validity of his theories.”
Critical Negotiations
Amid tense negotiations, Greece came perilously close to exiting the single currency area.
At stake lay not only Greece's destiny but also those punishing austerity measures required in exchange for financial aid by international creditors.
Unsuccessful Alternatives
Efforts to find funds elsewhere, such as a desperate plea to Russia to purchase Greek bonds, fell on stony ground.
Assisting the indebted country would be equivalent to tossing cash into the garbage, Putin is reputed to have told his Greek counterpart during their meeting.
Referendum Followed by Reversal
That summer, those excoriating bailout terms were put to a popular referendum, an action which plunged the EU into further crisis of identity.
Even though the vote was carried decisively by voters against the cuts, Tsipras was forced to reject its outcome then negotiate a rescue deal with creditors which proved to be more severe.
Breaking Point
Tsipras revealed that he started questioning Varoufakis quite early on.
“Varoufakis was the face of negotiation, the figure who drew publicity, who graced the front pages of magazines the world over … it seemed he relished his new role.”
After the minister proposed a contingency plan involving establishing a parallel currency as well as distributing coupons to pensioners, the leader said he realised it was the end questioning Varoufakis: “Can you be serious?”
Lasting Rebuke
In the book, the author concludes how his former ally had proved himself to be “unsuitable for a deal that required complex and sensitive management.”
He also wrote that Varoufakis's aggressive approach made him increasingly isolated among peers, put Greece at risk, and helped hardliners who were pushing for Grexit.
This account of history has been met with anger and stunned disbelief in some quarters, whereas the former minister has kept a conspicuous quiet on the matter.
