In a recently unveiled personal account, titled Ithaki, the ex- premier Alexis Tsipras does not hold back as he reflects on that chaotic era of Greece's economic turmoil.
An Unconventional Choice
As per the ex-PM's recollections, he selected the unorthodox academic Yanis Varoufakis as the finance minister primarily because of the latter's global profile and Varoufakis's “extremely attractive” skills as a public orator.
“In reality, he was, in reality, more of a celebrity rather than an economist,” wrote Tsipras.
Clashing Priorities
The former leader alleges that his finance chief had his own motives that included promoting Varoufakis's publications and experimenting with his own game theories on the nation rather than genuinely fighting for its financial survival.
He noted that the talks to prevent insolvency became “not only a way to secure a better deal for Greece. They became an experiment, a monumental chance to prove the truth of his theories.”
High-Stakes Negotiations
During rollercoaster negotiations, Greece came perilously close to leaving the single currency area.
On the line was both the country's destiny and those severe cutbacks demanded in return for financial aid by international creditors.
Failed Alternatives
Efforts to secure financing elsewhere, such as a desperate appeal to the Kremlin to buy Greek bonds, went unanswered.
Assisting the indebted country would be tantamount to throwing money into the garbage, the Russian leader is reputed to have informed Tsipras during their meeting.
Referendum and Reversal
In July 2015, those excoriating bailout terms were put to a public vote, an action which threw the EU into a further crisis of identity.
Although the vote was won resoundingly by voters who opposed austerity, Tsipras had little option but to ignore the result and agree to a bailout package from creditors that proved to be even harsher.
Final Straw
Tsipras revealed that he started questioning his finance minister quite early on.
“He 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 his new role.”
When the minister outlined a backup strategy that included creating a secondary currency and issuing coupons to pensioners, Tsipras knew that it was the end questioning Varoufakis: “Can you be serious?”
Enduring Criticism
In the book, Tsipras asserts that his former ally demonstrated himself “unfit for a deal demanding intricate and delicate management.”
He also wrote how his confrontational approach made him more and more alone among peers, put Greece at risk, while helped hawks that were pushing for Grexit.
This account of events has been met with fury along with shock in some quarters, whereas Varoufakis has so far kept a conspicuous quiet regarding these claims.
