In a recently unveiled personal account, called Ithaki, the former prime minister Alexis Tsipras spares no criticism while he examines the turbulent period during Greece's financial crisis.
A Controversial Choice
In the ex-PM's version, Tsipras appointed that maverick economist Yanis Varoufakis to be the treasury head mainly due to his worldwide fame along with his very persuasive abilities as a communicator.
“He was, in reality, more of a celebrity rather than an economic expert,” stated the 51-year-old.
Conflicting Agendas
Tsipras suggests that his finance chief had a personal motives which involved promoting his publications and experimenting with his economic models on Greece rather than genuinely fighting for the country's financial survival.
Tsipras explained that those talks to avoid bankruptcy became “not just a way to secure improved terms for the country. They were an experiment, a monumental opportunity to demonstrate the truth of Varoufakis's theories.”
Critical Negotiations
Amid rollercoaster discussions, the country found itself dangerously on the brink of leaving the eurozone.
On the line lay both the country's future but also those harsh austerity measures demanded in return for rescue loans by foreign lenders.
Unsuccessful Options
Attempts to secure funds from other sources, such as a desperate plea to Russia to buy Greek government bonds, fell on stony ground.
Assisting the indebted country was tantamount to tossing cash into the garbage, Putin reportedly told his Greek counterpart in Moscow.
Referendum Followed by Reversal
In July 2015, those punitive conditions were subjected to a public vote, a move which threw the EU into a further existential crisis.
Although the vote was won decisively by those who opposed the cuts, Tsipras was forced to ignore the result and agree to a rescue deal with creditors that proved to be more severe.
Final Straw
The ex-PM revealed that he started questioning his finance minister relatively soon.
“Varoufakis was the public image of negotiation, the figure who attracted publicity, who appeared on the front pages of magazines the world over … he gave the impression he relished the spotlight.”
When Varoufakis proposed a backup strategy that included establishing a secondary currency as well as distributing vouchers to pensioners, the leader knew it was game over questioning him: “Are you serious?”
Lasting Rebuke
In the book, Tsipras concludes that Varoufakis demonstrated himself “unfit for a deal demanding complex and sensitive handling.”
He further wrote that his aggressive approach made him increasingly isolated with colleagues, put Greece at risk, while helped hardliners that were advocating a Greek exit from the euro.
This account of history has provoked anger and shock in some quarters, whereas Varoufakis has so far maintained a deafening silence on the matter.
