In a recently unveiled personal account, named Ithaki, the former premier Alexis Tsipras spares no criticism while he reflects on that chaotic period during Greece's economic turmoil.
An Unconventional Choice
As per Tsipras's account, he appointed the maverick economist Yanis Varoufakis as the finance minister largely because of his worldwide fame and Varoufakis's highly compelling abilities as a public orator.
“He was, truthfully, more of a celebrity rather than an economist,” recalled the 51-year-old.
Conflicting Agendas
Tsipras alleges that his finance chief had his own motives that included advancing his publications as well as experimenting with his own economic models using the nation instead of truly fighting for its economic stability.
He explained how those discussions to avoid bankruptcy were “not only a way to secure a better deal for the country. They became an experiment, a monumental opportunity to demonstrate the validity of Varoufakis's ideas.”
Critical Negotiations
During volatile discussions, the country came perilously on the brink of exiting the eurozone.
On the line lay both the country's destiny and those punishing austerity measures demanded in return for rescue loans by international creditors.
Failed Alternatives
Attempts to secure financing from other sources, including an urgent plea to Russia to buy Greek government bonds, were rejected.
Assisting the indebted country was tantamount to throwing money in the trash-can, Putin is reputed to have informed Tsipras in Moscow.
Public Vote and U-Turn
That summer, those harsh conditions were put to a popular referendum, a move which threw Europe into a deeper crisis of identity.
Even though the referendum was won decisively by those against austerity, the prime minister had little option to reject its outcome and agree to a bailout package from foreign lenders which proved to be more severe.
Breaking Point
The ex-PM revealed how he started questioning his finance minister relatively soon.
“Varoufakis was the face of the talks, the figure who drew media attention, who appeared on the covers of publications globally … he gave the impression he was enjoying the spotlight.”
When the minister proposed a backup strategy involving establishing a secondary currency and distributing vouchers to retirees, Tsipras knew that it was game over and asked Varoufakis: “Is this for real?”
Enduring Criticism
Within the book, Tsipras asserts how Varoufakis demonstrated himself “unfit for a deal demanding complex and sensitive handling.”
He further claimed how Varoufakis's aggressive approach made him increasingly isolated with colleagues, endangered the country, and helped hardliners that were pushing for a Greek exit from the euro.
The retelling of events has provoked fury and shock in some quarters, whereas Varoufakis has maintained a conspicuous quiet regarding these claims.
