Within his recently unveiled personal account, named Ithaki, the former leader Alexis Tsipras pulls no punches as he examines the chaotic era of Greece's financial crisis.
An Unconventional Appointment
As per Tsipras's version, Tsipras selected the unorthodox academic Yanis Varoufakis as the finance minister largely due to the latter's global profile along with Varoufakis's highly compelling skills when it came to public orator.
“In reality, he was, actually, more like a star and less of an economic expert,” wrote the 51-year-old.
Conflicting Agendas
The former leader claims how Varoufakis had his own agenda which involved promoting Varoufakis's publications as well as testing out his own theories using Greece rather than truly advocating its financial survival.
Tsipras noted how the discussions to prevent insolvency were “not just a method to secure improved terms for Greece. They were a test, an historic chance to prove the validity of Varoufakis's theories.”
Critical Negotiations
Amid tense negotiations, Greece came dangerously close to leaving the single currency area.
On the line lay not only Greece's future but also the punishing cutbacks demanded in exchange for bailout funds by international creditors.
Failed Alternatives
Attempts to secure funds elsewhere, such as an urgent plea to Russia to buy Greek government bonds, were rejected.
Assisting the indebted country would be tantamount to tossing cash in the trash-can, Putin reportedly told his Greek counterpart during their meeting.
Referendum Followed by U-Turn
That summer, the punitive bailout terms were subjected to a public vote, a move which threw the EU into a further crisis of identity.
Even though the vote was carried resoundingly by those who opposed austerity, the prime minister was forced to reject its outcome and agree to a bailout package with creditors that turned out to be more severe.
Final Straw
The ex-PM revealed that he began to doubt Varoufakis relatively soon.
“He was the face of the talks, the figure who attracted publicity, who appeared on the covers of publications the world over … he gave the impression he was enjoying his new role.”
When Varoufakis outlined a backup strategy involving establishing a secondary currency and distributing coupons to retirees, the leader said he realised it was the end and asked him: “Are you serious?”
Lasting Rebuke
In the memoir, the author concludes that Varoufakis demonstrated himself to be “unsuitable for an agreement that required intricate and delicate management.”
He further wrote that Varoufakis's confrontational approach left him increasingly isolated among peers, endangered the country, while helped hardliners who were advocating Grexit.
The account of events has been met with anger and stunned disbelief among certain groups, whereas Varoufakis has so far maintained a conspicuous quiet regarding these claims.
