In a freshly published memoir, called Ithaki, the ex- prime minister Alexis Tsipras does not hold back while he revisits that chaotic period of Greece's debt drama.
A Controversial Choice
According to the ex-PM's account, he appointed the unorthodox academic Yanis Varoufakis to be the finance minister largely because of his international reputation and Varoufakis's highly compelling skills as a public orator.
“He was, in reality, more like a personality rather than an economic expert,” wrote the 51-year-old.
Conflicting Agendas
The former leader claims that Varoufakis possessed his own motives which involved advancing Varoufakis's publications as well as experimenting with his economic models on the nation rather than genuinely fighting for the country's economic stability.
He noted that the negotiations to avoid insolvency were “not only a method to secure a better deal for the country. They were a test, a monumental chance to prove the validity of his theories.”
High-Stakes Talks
Amid rollercoaster negotiations, the country came dangerously close to leaving the eurozone.
On the line was not only Greece's destiny and those harsh austerity measures required in exchange for bailout funds by foreign lenders.
Unsuccessful Alternatives
Efforts to find financing from other sources, including a desperate plea to Russia to purchase Greek bonds, went unanswered.
Assisting the indebted country was equivalent to throwing money in the trash-can, Putin reportedly informed his Greek counterpart in Moscow.
Referendum and Reversal
In July 2015, those harsh conditions were put to a popular referendum, a move that plunged Europe into deeper crisis of identity.
Even though the referendum was carried decisively by voters against the cuts, the prime minister had little option to reject its outcome and negotiate a rescue deal from creditors which proved to be tougher.
Breaking Point
Tsipras revealed that he began to doubt Varoufakis quite early on.
“Varoufakis was the face of negotiation, the figure who drew media attention, who graced the front pages of magazines the world over … it seemed he relished the spotlight.”
When the minister outlined a backup strategy involving creating a secondary currency as well as issuing vouchers to pensioners, Tsipras said he realised that it was game over questioning Varoufakis: “Can you be serious?”
Lasting Rebuke
Within the book, the author concludes how Varoufakis demonstrated himself to be “unsuitable for an agreement that required intricate and sensitive handling.”
Tsipras further claimed how Varoufakis's confrontational approach made him increasingly isolated among peers, put Greece at risk, and helped hawks who were pushing for Grexit.
The account of events has provoked anger along with stunned disbelief in some quarters, while Varoufakis has so far kept a deafening silence regarding these claims.
