Within his recently unveiled personal account, named Ithaki, the former prime minister Alexis Tsipras does not hold back as he reflects on that turbulent period during Greece's economic turmoil.
A Controversial Appointment
According to the ex-PM's recollections, he appointed the unorthodox economist Yanis Varoufakis as his treasury head largely due to the latter's worldwide fame along with his “extremely attractive” skills as a speaker.
“In reality, he was, actually, more of a star and less of an economic expert,” stated the 51-year-old.
Conflicting Priorities
Tsipras alleges how Varoufakis had his own agenda which involved promoting Varoufakis's books as well as testing out his own theories using the nation instead of truly fighting for its economic stability.
He explained how those talks to stave off bankruptcy became “not only a way of achieving improved terms for Greece. They became an experiment, an historic chance to prove the validity of Varoufakis's theories.”
Critical Negotiations
During tense negotiations, the country came dangerously on the brink of leaving the eurozone.
At stake was both Greece's destiny but also those severe austerity measures required in exchange for rescue loans by international creditors.
Failed Alternatives
Attempts to find financing elsewhere, such as a desperate plea to Russia to purchase Greek bonds, went unanswered.
Helping Greece was equivalent to throwing money into the garbage, the Russian leader reportedly told his Greek counterpart in Moscow.
Referendum Followed by U-Turn
In July 2015, those punitive conditions were subjected to a public vote, a move which plunged Europe into further existential crisis.
Even though the vote was carried resoundingly by those who opposed the cuts, Tsipras was forced but to ignore the result then negotiate a rescue deal from creditors which proved to be more severe.
Final Straw
Tsipras claimed that he started questioning his finance minister quite early on.
“He was the face of the talks, the figure who attracted publicity, who appeared on the covers of magazines the world over … he gave the impression he was enjoying the spotlight.”
After Varoufakis outlined a backup strategy that included establishing a parallel currency and issuing coupons to retirees, the leader said he realised that it was the end and asked him: “Can you be serious?”
Lasting Rebuke
In the memoir, Tsipras asserts how Varoufakis demonstrated himself “unsuitable for a deal demanding intricate and sensitive handling.”
He also claimed that his aggressive style left him increasingly isolated among peers, endangered the country, and assisted hawks that were pushing for Grexit.
This account of history has provoked fury and shock among certain groups, whereas Varoufakis has maintained a conspicuous quiet regarding these claims.
