Within his freshly published personal account, named Ithaki, the former prime minister Alexis Tsipras does not hold back while he examines that turbulent period during Greece's economic turmoil.
An Unconventional Appointment
In the ex-PM's account, Tsipras chose that unorthodox economist Yanis Varoufakis as his treasury head mainly due to his international reputation and his very persuasive abilities as a public orator.
“In reality, he was, in reality, more of a celebrity rather than an economic expert,” recalled the 51-year-old.
Conflicting Priorities
The former leader suggests how Varoufakis possessed his own agenda which involved advancing his books as well as testing out his theories using the nation instead of truly fighting for its economic stability.
Tsipras wrote that the talks to avoid bankruptcy were “not only a way to secure improved terms for Greece. They were an experiment, an historic chance to prove the truth of Varoufakis's theories.”
High-Stakes Talks
Amid volatile discussions, the country came perilously on the brink of leaving the eurozone.
At stake lay not only Greece's destiny and those punishing cutbacks demanded in return for bailout funds by international creditors.
Failed Options
Efforts to secure financing elsewhere, including a desperate appeal to Russia to purchase Greek government bonds, fell on stony ground.
Assisting the indebted country was tantamount to tossing cash into the garbage, the Russian leader is reputed to have told his Greek counterpart in Moscow.
Public Vote and Reversal
That summer, those excoriating bailout terms were subjected to a public vote, a move that threw Europe into deeper crisis of identity.
Even though the referendum was won decisively by those who opposed the cuts, the prime minister had little option but to reject its outcome and negotiate a bailout package from creditors which turned out to be more severe.
Breaking Point
Tsipras claimed how he began to doubt Varoufakis relatively soon.
“Varoufakis was the public image of the talks, the figure who drew media attention, who appeared on the covers of magazines the world over … it seemed he relished the spotlight.”
When the minister outlined a contingency plan that included establishing a secondary currency as well as issuing vouchers to pensioners, Tsipras knew that it was game over and asked him: “Are you serious?”
Enduring Criticism
In the book, Tsipras concludes that his former ally had proved himself “unsuitable for a deal that required intricate and sensitive management.”
Tsipras also claimed that Varoufakis's aggressive approach made him more and more alone among peers, endangered the country, while assisted hardliners who were pushing for a Greek exit from the euro.
The account of events has been met with anger and stunned disbelief among certain groups, whereas the former minister has so far kept a conspicuous quiet on the matter.
