Within his freshly published personal account, called Ithaki, the ex- premier Alexis Tsipras spares no criticism as he revisits the chaotic era of Greece's economic turmoil.
A Controversial Appointment
According to Tsipras's version, Tsipras chose the unorthodox academic Yanis Varoufakis to be the finance minister mainly due to his international reputation along with his “extremely attractive” skills when it came to speaker.
“In reality, he was, truthfully, more of a star and less of an economist,” recalled the 51-year-old.
Conflicting Priorities
Tsipras alleges how Varoufakis had a personal motives that included advancing his books and testing out his economic models using Greece instead of truly advocating the country's financial survival.
Tsipras wrote how those discussions to avoid bankruptcy became “not just a way to secure a better deal for the country. They became a test, an historic opportunity to demonstrate the truth of Varoufakis's theories.”
Critical Negotiations
Amid volatile discussions, the country came perilously close to exiting the eurozone.
At stake was both Greece's destiny but also the severe cutbacks required in exchange for bailout funds by foreign lenders.
Failed Options
Efforts to find financing elsewhere, including an urgent plea to Russia to purchase Greek government bonds, were rejected.
Helping the indebted country was equivalent to throwing money in the trash-can, Putin reportedly told Tsipras during their meeting.
Public Vote Followed by Reversal
In July 2015, the excoriating bailout terms were put to a public vote, an action which plunged Europe into deeper existential crisis.
Although the referendum was won resoundingly by voters against the cuts, the prime minister had little option but to ignore the result then agree to a bailout package with creditors that turned out to be tougher.
Final Straw
The ex-PM claimed that he started questioning his finance minister relatively soon.
“Varoufakis was the public image of negotiation, the man who attracted media attention, who appeared on the front pages of magazines globally … he gave the impression he relished his new role.”
When Varoufakis outlined a backup strategy involving creating a parallel currency as well as distributing coupons to retirees, the leader knew that it was the end and asked Varoufakis: “Is this for real?”
Enduring Rebuke
Within the memoir, the author asserts how Varoufakis had proved himself “unsuitable for a deal demanding intricate and delicate management.”
He also wrote how Varoufakis's aggressive style made him increasingly isolated among peers, endangered the country, and helped hardliners that were pushing for a Greek exit from the euro.
The retelling of events has been met with fury along with shock among certain groups, while the former minister has so far kept a deafening silence on the matter.
