In a recently unveiled personal account, named Ithaki, the former leader Alexis Tsipras spares no criticism as he examines the turbulent period of Greece's financial crisis.
A Controversial Choice
According to the ex-PM's recollections, Tsipras selected the maverick academic Yanis Varoufakis to be the finance minister primarily due to the latter's worldwide fame along with his “extremely attractive” skills when it came to communicator.
“He was, actually, more like a star rather than an economic expert,” recalled the 51-year-old.
Conflicting Priorities
The former leader suggests that his finance chief had a personal motives which included advancing his publications as well as experimenting with his economic models on the nation instead of genuinely fighting for its financial survival.
Tsipras wrote how those negotiations to avoid bankruptcy were “not only a way of achieving improved terms for Greece. They were an experiment, an historic opportunity to demonstrate the truth of his theories.”
High-Stakes Negotiations
Amid tense discussions, the country came perilously close to leaving the single currency area.
At stake lay not only the country's future and those punishing austerity policies demanded in exchange for bailout funds by international creditors.
Failed Options
Attempts to find funds from other sources, such as an urgent plea to Russia to buy Greek government bonds, went unanswered.
Helping the indebted country would be equivalent to tossing cash in the trash-can, the Russian leader reportedly told his Greek counterpart in Moscow.
Public Vote Followed by U-Turn
That summer, the excoriating bailout terms were put to a public vote, an action which plunged the EU into further crisis of identity.
Even though the vote was won resoundingly by voters who opposed the cuts, the prime minister was forced to ignore the result and negotiate a bailout package from creditors which turned out to be more severe.
Final Straw
Tsipras claimed how he started questioning Varoufakis relatively soon.
“Varoufakis was the face of the talks, the figure who drew publicity, who graced the front pages of magazines globally … it seemed he was enjoying the spotlight.”
When Varoufakis outlined a backup strategy involving creating a secondary currency as well as issuing vouchers to pensioners, Tsipras said he realised that it was game over questioning Varoufakis: “Are you serious?”
Enduring Rebuke
In the book, the author concludes that his former ally had proved himself “unsuitable for an agreement demanding intricate and sensitive handling.”
Tsipras also claimed how Varoufakis's confrontational approach made him increasingly isolated among peers, endangered the country, while helped hawks that were pushing for Grexit.
This account of history has provoked fury along with stunned disbelief in some quarters, whereas Varoufakis has kept a deafening silence on the matter.
