In a recently unveiled memoir, titled Ithaki, the ex- premier Alexis Tsipras does not hold back as he reflects on the turbulent era of Greece's debt drama.
An Unconventional Appointment
According to Tsipras's account, Tsipras selected that maverick academic Yanis Varoufakis as his finance minister mainly due to the latter's global profile along with Varoufakis's very persuasive abilities when it came to speaker.
“In reality, he was, truthfully, more like a celebrity rather than an economist,” recalled the 51-year-old.
Clashing Agendas
Tsipras alleges that his finance chief possessed a personal agenda which included promoting Varoufakis's books as well as experimenting with his theories on Greece rather than truly fighting for its economic stability.
He explained how the talks to avoid bankruptcy became “not just a way to secure a better deal for the country. They became an experiment, an historic chance to demonstrate the validity of his economic theories.”
High-Stakes Talks
During rollercoaster negotiations, Greece found itself dangerously on the brink of leaving the eurozone.
On the line lay both the country's destiny and those harsh austerity measures demanded in exchange for rescue loans from international creditors.
Unsuccessful Options
Attempts to secure funds from other sources, including a desperate appeal to Russia to purchase Greek bonds, fell on stony ground.
Assisting the indebted country would be tantamount to throwing money in the trash-can, the Russian leader is reputed to have informed his Greek counterpart in Moscow.
Referendum and Reversal
That summer, the excoriating conditions were put to a public vote, an action which plunged the EU into further crisis of identity.
Although the referendum was carried decisively by those against austerity, the prime minister was forced to reject its outcome then agree to a rescue deal from creditors which proved to be tougher.
Breaking Point
The ex-PM revealed how he began to doubt his finance minister relatively soon.
“He was the face of negotiation, the man who attracted media attention, who appeared on the front pages of publications the world over … it seemed he relished the spotlight.”
After Varoufakis proposed a contingency plan involving creating a secondary currency and issuing coupons to retirees, Tsipras said he realised that it was the end questioning him: “Can you be serious?”
Lasting Rebuke
In the book, the author concludes how Varoufakis demonstrated himself to be “unfit for an agreement that required intricate and sensitive management.”
Tsipras also wrote that Varoufakis's aggressive style left him more and more alone with colleagues, put Greece at risk, and assisted hawks who were advocating Grexit.
This account of history has been met with fury and stunned disbelief among certain groups, while the former minister has so far maintained a conspicuous quiet regarding these claims.
