Within his recently unveiled personal account, called Ithaki, the ex- premier Alexis Tsipras spares no criticism as he reflects on the turbulent period during Greece's financial crisis.
A Controversial Appointment
As per Tsipras's version, he selected the maverick economist Yanis Varoufakis as his treasury head primarily due to his global profile along with Varoufakis's highly compelling abilities when it came to speaker.
“He was, actually, more of a celebrity and less of an economic expert,” stated Tsipras.
Conflicting Agendas
The former leader suggests that Varoufakis had a personal agenda that involved advancing Varoufakis's books and testing out his economic models on the nation rather than genuinely advocating its financial survival.
Tsipras wrote that the discussions to prevent insolvency were “not only a method to secure improved terms for Greece. They became an experiment, an historic chance to prove the truth of his theories.”
High-Stakes Negotiations
Amid tense discussions, Greece found itself perilously close to exiting the eurozone.
At stake lay both the country's destiny and the punishing austerity policies demanded in return for bailout funds by foreign lenders.
Failed Alternatives
Efforts to secure financing from other sources, such as an urgent plea to Russia to buy Greek government bonds, were rejected.
Assisting the indebted country was tantamount to tossing cash in the trash-can, the Russian leader reportedly informed Tsipras in Moscow.
Referendum and Reversal
In July 2015, those excoriating conditions were put to a popular referendum, a move which plunged Europe into a deeper crisis of identity.
Although the referendum was won decisively by those against austerity, the prime minister was forced to reject its outcome then agree to a rescue deal from creditors that turned out to be more severe.
Breaking Point
The ex-PM revealed how he began to doubt his finance minister relatively soon.
“He was the public image of the talks, the man who drew media attention, who graced the front pages of publications the world over … it seemed he relished the spotlight.”
After the minister proposed a backup strategy involving establishing a parallel currency as well as issuing coupons to pensioners, the leader said he realised that it was the end questioning him: “Can you be serious?”
Lasting Rebuke
In the book, the author asserts that Varoufakis demonstrated himself to be “unfit for an agreement that required intricate and delicate management.”
Tsipras also wrote that Varoufakis's confrontational style left him increasingly isolated among peers, endangered the country, and assisted hawks that were advocating Grexit.
The account of events has been met with anger along with stunned disbelief in some quarters, while the former minister has so far kept a deafening silence on the matter.
