In a recently unveiled personal account, titled Ithaki, the former prime minister Alexis Tsipras pulls no punches as he reflects on that chaotic period of Greece's debt drama.
An Unconventional Appointment
In the ex-PM's account, Tsipras selected the maverick economist Yanis Varoufakis as his finance minister primarily due to the latter's international reputation along with his “extremely attractive” abilities as a public orator.
“In reality, he was, actually, more like a star and less of an economic expert,” wrote the 51-year-old.
Conflicting Priorities
Tsipras suggests how his finance chief had his own motives which included advancing his books and testing out his own theories using the nation rather than genuinely advocating its financial survival.
He wrote how those talks to prevent insolvency were “not only a way of achieving improved terms for the country. They were a test, a monumental opportunity to prove the truth of his ideas.”
Critical Talks
Amid volatile negotiations, the country found itself perilously close to exiting the eurozone.
At stake lay both Greece's destiny but also the harsh austerity measures demanded in exchange for rescue loans by foreign lenders.
Unsuccessful Options
Attempts to secure funds elsewhere, such as a desperate appeal to the Kremlin to purchase Greek bonds, went unanswered.
Helping Greece would be tantamount to throwing money in the trash-can, the Russian leader reportedly told his Greek counterpart during their meeting.
Referendum Followed by Reversal
That summer, the punitive bailout terms were subjected to a popular referendum, an action which plunged Europe into further existential crisis.
Although the referendum was carried decisively by voters who opposed the cuts, Tsipras was forced but to ignore the result then agree to a bailout package from foreign lenders which proved to be even harsher.
Final Straw
Tsipras claimed that he started questioning his finance minister relatively soon.
“He was the public image of negotiation, the figure who drew media attention, who appeared on the front pages of publications the world over … it seemed he was enjoying his new role.”
After the minister outlined a backup strategy involving creating a secondary currency and distributing coupons to retirees, Tsipras said he realised that it was the end questioning Varoufakis: “Are you serious?”
Lasting Criticism
In the book, Tsipras concludes that his former ally had proved himself to be “unsuitable for a deal demanding intricate and sensitive management.”
He further claimed how Varoufakis's aggressive approach left him increasingly isolated among peers, endangered the country, and helped hawks that were advocating a Greek exit from the euro.
The account of history has been met with anger and stunned disbelief among certain groups, while Varoufakis has so far maintained a conspicuous quiet on the matter.
