Within his freshly published personal account, named Ithaki, the former premier Alexis Tsipras does not hold back while he reflects on that chaotic period of Greece's financial crisis.
A Controversial Appointment
According to Tsipras's account, Tsipras selected the unorthodox economist Yanis Varoufakis to be his finance minister mainly because of the latter's global profile along with his highly compelling abilities as a communicator.
“He was, truthfully, more like a star rather than an economic expert,” wrote the 51-year-old.
Conflicting Agendas
The former leader suggests that his finance chief had a personal agenda which included promoting his books as well as testing out his economic models on the nation instead of genuinely fighting for the country's economic stability.
He explained that those discussions to avoid insolvency were “not just a way of achieving improved terms for the country. They became an experiment, a monumental opportunity to demonstrate the truth of his economic theories.”
High-Stakes Talks
During tense discussions, Greece found itself dangerously close to leaving the eurozone.
At stake lay both the country's future but also those harsh austerity policies required in exchange for bailout funds from international creditors.
Failed Alternatives
Efforts to secure financing elsewhere, including an urgent plea to the Kremlin to purchase Greek bonds, were rejected.
Assisting the indebted country was tantamount to tossing cash into the garbage, the Russian leader reportedly told his Greek counterpart in Moscow.
Referendum and Reversal
In July 2015, the harsh bailout terms were put to a public vote, an action that plunged the EU into deeper existential crisis.
Although the referendum was carried decisively by those who opposed the cuts, Tsipras had little option to reject its outcome then agree to a rescue deal from foreign lenders that proved to be tougher.
Final Straw
Tsipras claimed how he started questioning his finance minister relatively soon.
“He was the face of negotiation, the figure who attracted media attention, who appeared on the front pages of magazines the world over … he gave the impression he was enjoying his new role.”
After the minister outlined a backup strategy involving creating a secondary currency and distributing coupons to pensioners, Tsipras knew it was game over questioning Varoufakis: “Are you serious?”
Enduring Rebuke
Within the book, the author asserts how his former ally demonstrated himself to be “unfit for a deal that required complex and sensitive handling.”
He also claimed how his aggressive style left him more and more alone among peers, endangered the country, while helped hawks that were advocating a Greek exit from the euro.
This retelling of history has been met with anger along with shock in some quarters, while the former minister has so far kept a conspicuous quiet on the matter.
