In a recently unveiled personal account, called Ithaki, the former premier Alexis Tsipras pulls no punches as he reflects on the chaotic era during Greece's financial crisis.
An Unconventional Appointment
In the ex-PM's recollections, Tsipras chose that unorthodox economist Yanis Varoufakis to be his finance minister largely due to his international reputation and Varoufakis's “extremely attractive” abilities as a communicator.
“He was, truthfully, more of a personality rather than an economist,” wrote the 51-year-old.
Conflicting Agendas
Tsipras suggests how his finance chief had his own motives that involved advancing his publications and experimenting with his own theories on Greece instead of genuinely fighting for its economic stability.
He explained that the discussions to prevent bankruptcy were “not only a method to secure improved terms for Greece. They became an experiment, an historic opportunity to prove the validity of Varoufakis's economic theories.”
Critical Talks
Amid volatile discussions, Greece came dangerously on the brink of leaving the single currency area.
On the line lay both Greece's destiny and those punishing austerity policies required in exchange for financial aid by international creditors.
Failed Alternatives
Attempts to secure funds from other sources, such as a desperate appeal to Russia to purchase Greek bonds, fell on stony ground.
Helping Greece would be tantamount to tossing cash in the trash-can, the Russian leader reportedly told his Greek counterpart in Moscow.
Referendum Followed by U-Turn
In July 2015, those harsh bailout terms were put to a public vote, a move that plunged Europe into a deeper existential crisis.
Even though the vote was won decisively by voters against the cuts, the prime minister had little option to ignore the result then negotiate a rescue deal with foreign lenders which turned out to be more severe.
Breaking Point
Tsipras revealed how he began to doubt Varoufakis relatively soon.
“Varoufakis was the face of negotiation, the man who attracted publicity, who appeared on the covers of magazines globally … he gave the impression he was enjoying his new role.”
When Varoufakis outlined a contingency plan that included creating a secondary currency and distributing coupons to pensioners, the leader said he realised that it was game over questioning him: “Is this for real?”
Lasting Rebuke
In the memoir, the author concludes how Varoufakis demonstrated himself to be “unfit for a deal that required intricate and delicate handling.”
Tsipras further claimed how Varoufakis's confrontational style made him more and more alone with colleagues, put Greece at risk, while helped hardliners who were advocating Grexit.
The account of history has been met with anger and shock among certain groups, whereas Varoufakis has kept a conspicuous quiet regarding these claims.
