In a recently unveiled personal account, named Ithaki, the former premier Alexis Tsipras spares no criticism as he reflects on the chaotic era during Greece's financial crisis.
A Controversial Appointment
According to Tsipras's recollections, he chose the maverick economist Yanis Varoufakis to be the finance minister primarily because of his international reputation along with Varoufakis's “extremely attractive” skills when it came to public orator.
“In reality, he was, truthfully, more like a celebrity rather than an economic expert,” wrote the 51-year-old.
Clashing Agendas
Tsipras alleges how Varoufakis possessed his own motives that involved advancing Varoufakis's books and experimenting with his theories using the nation rather than genuinely advocating its financial survival.
He noted how the negotiations to prevent insolvency were “not only a way of achieving improved terms for the country. They became a test, an historic chance to demonstrate the truth of Varoufakis's theories.”
Critical Negotiations
During tense negotiations, the country found itself perilously close to exiting the eurozone.
On the line was not only the country's destiny and the severe austerity policies required in return for bailout funds by foreign lenders.
Unsuccessful Alternatives
Efforts to secure financing elsewhere, such as a desperate appeal to Russia to buy Greek bonds, were rejected.
Helping the indebted country was tantamount to throwing money into the garbage, the Russian leader is reputed to have told his Greek counterpart in Moscow.
Public Vote Followed by U-Turn
That summer, those excoriating conditions were subjected to a popular referendum, a move that plunged Europe into further crisis of identity.
Even though the referendum was won decisively by voters against austerity, Tsipras was forced but to ignore the result then agree to a bailout package from foreign lenders which turned out to be tougher.
Final Straw
Tsipras claimed that he began to doubt his finance minister quite early on.
“He was the face of negotiation, the figure who drew media attention, who appeared on the covers of magazines globally … it seemed he was enjoying his new role.”
After the minister proposed a backup strategy involving establishing a secondary currency as well as distributing vouchers to retirees, Tsipras knew that it was game over and asked Varoufakis: “Are you serious?”
Lasting Rebuke
Within the book, the author concludes how his former ally demonstrated himself “unfit for a deal demanding complex and sensitive handling.”
Tsipras further wrote how his confrontational approach left him increasingly isolated with colleagues, put Greece at risk, and assisted hardliners that were advocating a Greek exit from the euro.
The account of history has provoked anger and shock among certain groups, while the former minister has so far kept a deafening silence on the matter.
