Within his recently unveiled personal account, called Ithaki, the former prime minister Alexis Tsipras pulls no punches as he revisits that chaotic era during Greece's debt drama.
A Controversial Appointment
As per Tsipras's version, he appointed the unorthodox economist Yanis Varoufakis as the finance minister largely because of the latter's worldwide fame and his “extremely attractive” abilities as a speaker.
“He was, in reality, more of a celebrity rather than an economist,” stated the 51-year-old.
Conflicting Agendas
Tsipras alleges that Varoufakis possessed a personal agenda that included promoting Varoufakis's books and experimenting with his economic models using Greece rather than genuinely fighting for its financial survival.
Tsipras wrote how those talks to prevent bankruptcy were “not only a method of achieving improved terms for the country. They became an experiment, a monumental chance to prove the truth of Varoufakis's ideas.”
High-Stakes Negotiations
Amid rollercoaster discussions, Greece came perilously close to leaving the single currency area.
At stake lay both the country's destiny and the severe austerity measures required in exchange for rescue loans from international creditors.
Failed Options
Attempts to secure financing elsewhere, including a desperate plea to the Kremlin to buy Greek government bonds, fell on stony ground.
Helping Greece would be tantamount to tossing cash into the garbage, Putin reportedly told Tsipras during their meeting.
Referendum Followed by U-Turn
In July 2015, the harsh bailout terms were subjected to a popular referendum, a move that plunged Europe into deeper crisis of identity.
Even though the referendum was carried decisively by voters against the cuts, Tsipras was forced but to ignore the result then agree to a rescue deal from foreign lenders which proved to be more severe.
Breaking Point
The ex-PM revealed that he began to doubt Varoufakis quite early on.
“He was the public image of the talks, the figure who drew publicity, who graced the covers of magazines the world over … it seemed he was enjoying his new role.”
After Varoufakis proposed a backup strategy involving establishing a secondary currency and distributing coupons to retirees, the leader said he realised that it was game over and asked Varoufakis: “Can you be serious?”
Lasting Rebuke
Within the book, Tsipras concludes how his former ally had proved himself to be “unfit for a deal demanding complex and sensitive handling.”
He also claimed that Varoufakis's aggressive style left him more and more alone among peers, endangered the country, and assisted hardliners that were advocating a Greek exit from the euro.
The account of history has provoked anger along with stunned disbelief among certain groups, while Varoufakis has so far kept a deafening silence on the matter.
