In a newly released personal account, named Ithaki, the ex- prime minister Alexis Tsipras spares no criticism while he reflects on that chaotic period during Greece's financial crisis.
An Unconventional Choice
In Tsipras's version, Tsipras chose that unorthodox academic Yanis Varoufakis as his finance minister primarily due to the latter's international reputation along with Varoufakis's very persuasive skills when it came to communicator.
“In reality, he was, truthfully, more like a personality and less of an economic expert,” wrote Tsipras.
Clashing Priorities
Tsipras claims how Varoufakis possessed a personal motives which included advancing his publications and testing out his own game theories using Greece rather than genuinely advocating its economic stability.
Tsipras wrote how the negotiations to stave off insolvency became “not only a way of achieving a better deal for Greece. They were a test, an historic opportunity to demonstrate the validity of Varoufakis's economic theories.”
High-Stakes Negotiations
Amid volatile negotiations, Greece came dangerously close to exiting the eurozone.
At stake lay not only the country's future but also the severe austerity measures required in exchange for financial aid by foreign lenders.
Unsuccessful Options
Efforts to find funds from other sources, including a desperate appeal to the Kremlin to purchase Greek bonds, fell on stony ground.
Helping 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 Followed by U-Turn
That summer, the punitive bailout terms were put to a popular referendum, an action that plunged Europe into a deeper existential crisis.
Even though the vote was carried resoundingly by voters who opposed austerity, the prime minister was forced but to reject its outcome then agree to a rescue deal from creditors that proved to be even harsher.
Final Straw
Tsipras revealed how he started questioning his finance minister relatively soon.
“Varoufakis was the public image of the talks, the figure who attracted media attention, who appeared on the covers of publications the world over … it seemed he was enjoying his new role.”
When the minister proposed a contingency plan involving creating a secondary currency and distributing vouchers to retirees, Tsipras said he realised it was game over questioning Varoufakis: “Is this for real?”
Enduring Rebuke
In the book, the author concludes that his former ally demonstrated himself “unfit for an agreement demanding intricate and sensitive handling.”
Tsipras also wrote how Varoufakis's aggressive style made him increasingly isolated among peers, endangered the country, and helped hardliners that were advocating Grexit.
This retelling of events has provoked anger and stunned disbelief in some quarters, while Varoufakis has maintained a conspicuous quiet on the matter.
