Within his freshly published personal account, named Ithaki, the former premier Alexis Tsipras spares no criticism as he revisits the chaotic period during Greece's economic turmoil.
A Controversial Choice
In Tsipras's recollections, Tsipras selected the unorthodox academic Yanis Varoufakis to be his finance minister mainly due to the latter's global profile and Varoufakis's very persuasive abilities when it came to public orator.
“He was, in reality, more of a celebrity and less of an economic expert,” stated the 51-year-old.
Clashing Agendas
Tsipras claims that his finance chief had his own agenda which involved promoting his publications as well as experimenting with his theories using Greece rather than truly advocating its financial survival.
He noted that those negotiations to avoid insolvency became “not just a method of achieving improved terms for Greece. They were an experiment, a monumental chance to prove the truth of Varoufakis's ideas.”
High-Stakes Negotiations
During volatile negotiations, the country came perilously close to leaving the eurozone.
On the line lay both the country's future and those severe austerity measures demanded in return for rescue loans from foreign lenders.
Unsuccessful Alternatives
Efforts to secure funds from other sources, such as a desperate plea to Russia to buy Greek bonds, went unanswered.
Helping the indebted country would be tantamount to tossing cash into the garbage, the Russian leader reportedly informed his Greek counterpart during their meeting.
Referendum Followed by Reversal
That summer, the excoriating bailout terms were put to a public vote, a move which plunged the EU into deeper existential crisis.
Although the referendum was carried resoundingly by voters against the cuts, the prime minister was forced to reject its outcome and negotiate a rescue deal from creditors which proved to be even harsher.
Final Straw
The ex-PM claimed how he started questioning Varoufakis quite early on.
“Varoufakis was the public image of the talks, the man who drew publicity, who appeared on the front pages of magazines the world over … he gave the impression he was enjoying his new role.”
After Varoufakis outlined a contingency plan involving creating a parallel currency as well as distributing vouchers to pensioners, the leader knew that it was game over questioning him: “Are you serious?”
Enduring Criticism
Within the book, the author concludes how his former ally demonstrated himself to be “unsuitable for a deal demanding intricate and delicate handling.”
He also wrote that Varoufakis's confrontational style made him more and more alone with colleagues, put Greece at risk, while helped hawks who were pushing for a Greek exit from the euro.
The account of events has provoked fury and shock among certain groups, whereas the former minister has so far maintained a conspicuous quiet on the matter.
