Within his newly released personal account, called Ithaki, the former prime minister Alexis Tsipras pulls no punches as he reflects on that chaotic era of Greece's debt drama.
A Controversial Appointment
As per Tsipras's version, Tsipras chose that maverick academic Yanis Varoufakis to be the treasury head largely due to the latter's international reputation and his highly compelling skills when it came to communicator.
“In reality, he was, in reality, more like a star and less of an economic expert,” recalled the 51-year-old.
Clashing Agendas
Tsipras claims how his finance chief had his own motives which involved promoting his publications and testing out his economic models on the nation rather than genuinely fighting for the country's financial survival.
He explained that those discussions to avoid bankruptcy became “not only a method of achieving a better deal for Greece. They became a test, an historic chance to demonstrate the truth of his economic theories.”
High-Stakes Talks
Amid volatile discussions, the country found itself perilously on the brink of exiting the single currency area.
At stake lay not only Greece's future and those harsh austerity policies required in return for bailout funds by international creditors.
Failed Alternatives
Attempts to secure funds from other sources, such as a desperate plea to the Kremlin to purchase Greek government bonds, were rejected.
Assisting Greece was tantamount to throwing money in the trash-can, Putin reportedly informed his Greek counterpart during their meeting.
Public Vote Followed by Reversal
That summer, the excoriating bailout terms were put to a popular referendum, an action that plunged the EU into further crisis of identity.
Although the vote was carried resoundingly by voters who opposed austerity, the prime minister was forced to reject its outcome then agree to a bailout package with foreign lenders which proved to be more severe.
Breaking Point
Tsipras revealed how he began to doubt his finance minister quite early on.
“He was the public image of negotiation, the figure who drew publicity, who graced the covers of publications the world over … it seemed he relished his new role.”
When Varoufakis outlined a backup strategy that included creating a secondary currency and distributing vouchers to retirees, the leader knew that it was the end questioning Varoufakis: “Are you serious?”
Lasting Criticism
Within the book, Tsipras asserts how his former ally demonstrated himself “unfit for a deal demanding complex and delicate management.”
He also wrote that his confrontational style left him increasingly isolated with colleagues, put Greece at risk, while assisted hawks who were pushing for a Greek exit from the euro.
This account of events has provoked fury along with shock among certain groups, while the former minister has so far maintained a conspicuous quiet regarding these claims.
