In a freshly published personal account, named Ithaki, the former premier Alexis Tsipras spares no criticism while he reflects on the turbulent period of Greece's debt drama.
An Unconventional Appointment
In Tsipras's account, he appointed that maverick academic Yanis Varoufakis to be the treasury head largely because of the latter's international reputation and his “extremely attractive” skills as a speaker.
“He was, in reality, more of a star rather than an economist,” recalled Tsipras.
Clashing Agendas
The former leader claims that Varoufakis possessed a personal agenda that involved promoting Varoufakis's publications as well as testing out his own theories using Greece rather than genuinely advocating its economic stability.
He wrote how those discussions to stave off bankruptcy were “not only a method to secure a better deal for the country. They were an experiment, a monumental chance to demonstrate the truth of Varoufakis's economic theories.”
High-Stakes Talks
During tense negotiations, Greece found itself dangerously on the brink of leaving the eurozone.
At stake was both Greece's destiny but also the severe cutbacks required in return for bailout funds from international creditors.
Failed Alternatives
Efforts to find funds from other sources, such as an urgent plea to the Kremlin to buy Greek government bonds, fell on stony ground.
Assisting Greece was tantamount to tossing cash into the garbage, the Russian leader reportedly informed Tsipras in Moscow.
Public Vote and Reversal
In July 2015, the harsh conditions were subjected to a popular referendum, an action that threw the EU into deeper existential crisis.
Even though the vote was won resoundingly by voters who opposed the cuts, the prime minister had little option but to reject its outcome and agree to a rescue deal from creditors which turned out to be tougher.
Breaking Point
The ex-PM revealed how he began to doubt Varoufakis relatively soon.
“He was the public image of the talks, the man who drew media attention, who graced the covers of publications globally … it seemed he was enjoying the spotlight.”
When the minister outlined a backup strategy involving establishing a secondary currency and issuing vouchers to retirees, the leader said he realised it was the end questioning him: “Can you be serious?”
Lasting Rebuke
In the memoir, the author concludes how Varoufakis had proved himself to be “unsuitable for a deal that required intricate and sensitive handling.”
He further claimed how his confrontational style made him increasingly isolated with colleagues, put Greece at risk, while assisted hawks that were advocating a Greek exit from the euro.
This account of events has been met with fury along with stunned disbelief in some quarters, while the former minister has maintained a deafening silence regarding these claims.
