Within his recently unveiled personal account, named Ithaki, the ex- prime minister Alexis Tsipras does not hold back while he reflects on the chaotic era of Greece's financial crisis.
A Controversial Appointment
According to Tsipras's account, Tsipras appointed the unorthodox economist Yanis Varoufakis to be his treasury head largely due to his international reputation along with Varoufakis's very persuasive abilities when it came to communicator.
“He was, in reality, more of a star and less of an economic expert,” stated the 51-year-old.
Clashing Agendas
Tsipras alleges how Varoufakis had his own agenda which included advancing his books and experimenting with his theories on Greece rather than genuinely advocating its economic stability.
He noted how the talks to prevent bankruptcy were “not only a method of achieving improved terms for Greece. They were an experiment, an historic chance to demonstrate the validity of his ideas.”
High-Stakes Negotiations
Amid rollercoaster negotiations, the country came perilously close to exiting the single currency area.
At stake lay not only Greece's future and the severe austerity policies required in return for rescue loans by international creditors.
Unsuccessful Alternatives
Efforts to secure funds elsewhere, such as an urgent appeal to Russia to purchase Greek bonds, were rejected.
Assisting Greece would be tantamount to throwing money in the trash-can, the Russian leader is reputed to have told his Greek counterpart in Moscow.
Referendum and U-Turn
That summer, the excoriating conditions were put to a public vote, an action that threw the EU into a deeper existential crisis.
Although the referendum was won resoundingly by those against austerity, the prime minister was forced to ignore the result then agree to a bailout package with creditors that proved to be tougher.
Breaking Point
The ex-PM claimed that he began to doubt his finance minister relatively soon.
“He was the face of the talks, the man who attracted media attention, who graced the front pages of magazines globally … it seemed he was enjoying his new role.”
After Varoufakis outlined a backup strategy that included establishing a parallel currency and issuing vouchers to pensioners, Tsipras knew it was the end and asked him: “Can you be serious?”
Enduring Criticism
Within the book, Tsipras concludes that Varoufakis had proved himself to be “unsuitable for a deal demanding complex and sensitive handling.”
He also wrote how Varoufakis's aggressive approach made him more and more alone with colleagues, endangered the country, while assisted hardliners that were pushing for a Greek exit from the euro.
The retelling of events has been met with fury and stunned disbelief in some quarters, while Varoufakis has so far kept a deafening silence regarding these claims.
