Within his recently unveiled personal account, titled Ithaki, the former prime minister Alexis Tsipras spares no criticism as he revisits that chaotic period of Greece's financial crisis.
An Unconventional Appointment
According to the ex-PM's version, he chose that maverick economist Yanis Varoufakis as the finance minister primarily due to his global profile along with his very persuasive abilities when it came to communicator.
“In reality, he was, truthfully, more like a celebrity and less of an economist,” wrote the 51-year-old.
Clashing Priorities
Tsipras suggests that his finance chief had his own motives that involved advancing his publications as well as experimenting with his own theories using the nation rather than genuinely fighting for its financial survival.
Tsipras wrote that the negotiations to avoid insolvency were “not just a way of achieving improved terms for Greece. They were an experiment, an historic chance to prove the validity of Varoufakis's economic theories.”
High-Stakes Talks
Amid tense negotiations, the country came dangerously on the brink of leaving the eurozone.
On the line was not only the country's future and the harsh austerity policies demanded in exchange for bailout funds by foreign lenders.
Failed Alternatives
Efforts to secure funds from other sources, such as a desperate plea to the Kremlin to purchase Greek government bonds, fell on stony ground.
Helping Greece was tantamount to tossing cash in the trash-can, the Russian leader reportedly informed his Greek counterpart during their meeting.
Public Vote and Reversal
That summer, those excoriating conditions were put to a popular referendum, a move which threw the EU into further existential crisis.
Even though the vote was won decisively by those who opposed austerity, Tsipras was forced but to reject its outcome and agree to a bailout package with creditors that proved to be even harsher.
Breaking Point
The ex-PM claimed that he started questioning Varoufakis relatively soon.
“Varoufakis was the face of the talks, the figure who attracted media attention, who appeared on the covers of magazines globally … he gave the impression he was enjoying the spotlight.”
After the minister outlined a contingency plan involving creating a secondary currency and distributing vouchers to pensioners, the leader knew it was game over questioning Varoufakis: “Can you be serious?”
Enduring Rebuke
Within the memoir, Tsipras asserts how Varoufakis demonstrated himself to be “unsuitable for an agreement demanding complex and sensitive management.”
Tsipras also wrote how Varoufakis's aggressive approach made him increasingly isolated among peers, put Greece at risk, while assisted hawks that were advocating a Greek exit from the euro.
This account of events has provoked anger and stunned disbelief among certain groups, while the former minister has kept a deafening silence on the matter.
