Within his freshly published personal account, called Ithaki, the ex- leader Alexis Tsipras does not hold back while he revisits that chaotic era of Greece's economic turmoil.
A Controversial Choice
According to Tsipras's version, he selected that unorthodox academic Yanis Varoufakis as the finance minister largely due to the latter's international reputation along with Varoufakis's very persuasive skills as a communicator.
“He was, in reality, more like a star rather than an economic expert,” wrote the 51-year-old.
Conflicting Priorities
Tsipras suggests that his finance chief possessed his own agenda which involved advancing his publications as well as experimenting with his game theories using Greece rather than genuinely fighting for the country's financial survival.
He wrote how the talks to stave off bankruptcy were “not just a method of achieving improved terms for Greece. They became an experiment, an historic opportunity to prove the truth of his ideas.”
Critical Talks
During tense negotiations, the country came dangerously on the brink of exiting the single currency area.
At stake lay both the country's destiny but also the harsh austerity policies required in return for financial aid by foreign lenders.
Failed Alternatives
Attempts to find financing from other sources, including a desperate appeal to the Kremlin to purchase Greek government bonds, went unanswered.
Assisting Greece would be equivalent to tossing cash into the garbage, the Russian leader reportedly told Tsipras during their meeting.
Public Vote Followed by U-Turn
That summer, the excoriating bailout terms were put to a public vote, a move which plunged Europe into a further existential crisis.
Even though the referendum was won resoundingly by voters against austerity, Tsipras was forced to reject its outcome and negotiate a bailout package with foreign lenders that proved to be tougher.
Breaking Point
The ex-PM revealed how he started questioning Varoufakis quite early on.
“Varoufakis was the public image of negotiation, the figure who attracted media attention, who graced the covers of publications the world over … it seemed he was enjoying his new role.”
After Varoufakis proposed a backup strategy involving creating a secondary currency as well as issuing vouchers to retirees, the leader knew it was game over questioning him: “Can you be serious?”
Enduring Rebuke
In the book, Tsipras concludes how his former ally demonstrated himself to be “unsuitable for a deal that required complex and delicate management.”
Tsipras also wrote that Varoufakis's confrontational style made him increasingly isolated with colleagues, put Greece at risk, and helped hardliners who were pushing for Grexit.
The account of history has been met with fury and shock among certain groups, whereas the former minister has maintained a deafening silence on the matter.
