In a newly released personal account, called Ithaki, the ex- premier Alexis Tsipras pulls no punches while he reflects on that turbulent era of Greece's financial crisis.
An Unconventional Appointment
In Tsipras's account, he selected that unorthodox academic Yanis Varoufakis as his finance minister primarily due to his global profile along with Varoufakis's “extremely attractive” abilities as a communicator.
“In reality, he was, truthfully, more like a personality rather than an economist,” wrote the 51-year-old.
Clashing Priorities
Tsipras suggests how Varoufakis possessed his own agenda that involved promoting his publications and testing out his own theories using the nation instead of genuinely advocating the country's economic stability.
Tsipras wrote that the negotiations to avoid insolvency became “not only a method to secure a better deal for the country. They became an experiment, an historic chance to demonstrate the validity of Varoufakis's ideas.”
Critical Negotiations
Amid volatile negotiations, Greece found itself dangerously close to exiting the single currency area.
At stake was both Greece's destiny and the harsh austerity policies demanded in return for financial aid by international creditors.
Failed Options
Attempts to find financing from other sources, including an urgent plea to the Kremlin to buy Greek bonds, went unanswered.
Helping the indebted country would be tantamount to throwing money into the garbage, Putin is reputed to have told Tsipras during their meeting.
Public Vote and U-Turn
In July 2015, the punitive bailout terms were subjected to a popular referendum, an action that threw Europe into a further existential crisis.
Even though the vote was carried resoundingly by those who opposed austerity, Tsipras had little option but to reject its outcome then agree to a bailout package with foreign lenders which proved to be tougher.
Breaking Point
The ex-PM revealed that he started questioning Varoufakis relatively soon.
“He was the face of the talks, the figure who drew publicity, who graced the covers of magazines globally … it seemed he was enjoying the spotlight.”
When the minister proposed a backup strategy that included establishing a parallel currency and distributing coupons to pensioners, the leader knew that it was the end questioning him: “Are you serious?”
Enduring Criticism
In the book, the author concludes that his former ally had proved himself “unsuitable for an agreement demanding intricate and delicate handling.”
Tsipras also claimed that Varoufakis's confrontational approach made him more and more alone among peers, put Greece at risk, and helped hawks that were advocating Grexit.
This account of events has been met with anger along with shock among certain groups, whereas the former minister has maintained a deafening silence on the matter.
