Within his recently unveiled personal account, named Ithaki, the former prime minister Alexis Tsipras pulls no punches while he examines the turbulent period of Greece's debt drama.
An Unconventional Choice
In the ex-PM's version, he selected the maverick economist Yanis Varoufakis as his treasury head mainly due to the latter's worldwide fame and his “extremely attractive” abilities when it came to public orator.
“In reality, he was, actually, more of a celebrity rather than an economic expert,” wrote Tsipras.
Conflicting Priorities
Tsipras suggests that his finance chief had his own agenda that included promoting Varoufakis's publications and testing out his own economic models using Greece rather than genuinely fighting for its economic stability.
He explained that the discussions to stave off insolvency were “not just a way of achieving improved terms for Greece. They became a test, a monumental chance to prove the validity of his theories.”
Critical Talks
Amid volatile negotiations, the country came dangerously close to exiting the eurozone.
On the line lay not only the country's destiny and the severe austerity policies demanded in return for bailout funds from foreign lenders.
Failed Alternatives
Efforts to find funds elsewhere, including a desperate appeal to the Kremlin to purchase Greek bonds, were rejected.
Assisting Greece would be tantamount to throwing money into the garbage, the Russian leader reportedly informed his Greek counterpart in Moscow.
Public Vote and U-Turn
In July 2015, the punitive bailout terms were subjected to a popular referendum, an action which threw the EU into a deeper crisis of identity.
Although the vote was carried decisively by those against austerity, Tsipras was forced but to ignore the result and negotiate a bailout package with creditors which turned out to be even harsher.
Final Straw
Tsipras claimed how he started questioning his finance minister relatively soon.
“Varoufakis was the public image of the talks, the man who attracted publicity, who graced the front pages of magazines the world over … he gave the impression he relished the spotlight.”
When Varoufakis proposed a backup strategy that included establishing a parallel currency as well as issuing coupons to retirees, Tsipras knew that it was the end and asked him: “Are you serious?”
Lasting Rebuke
In the book, the author concludes how his former ally demonstrated himself “unsuitable for an agreement demanding intricate and sensitive handling.”
He further wrote how his confrontational style made him more and more alone among peers, put Greece at risk, while helped hawks who were advocating Grexit.
This account of events has provoked fury and shock in some quarters, while the former minister has so far maintained a conspicuous quiet regarding these claims.
