In a newly released personal account, called Ithaki, the former prime minister Alexis Tsipras spares no criticism while he reflects on the turbulent era during Greece's financial crisis.
A Controversial Appointment
According to Tsipras's recollections, Tsipras selected that maverick academic Yanis Varoufakis as his treasury head mainly due to his international reputation along with Varoufakis's very persuasive abilities as a speaker.
“He was, actually, more like a celebrity rather than an economist,” wrote Tsipras.
Conflicting Agendas
The former leader claims that his finance chief had a personal agenda which included promoting his books as well as testing out his own game theories using the nation instead of truly advocating its financial survival.
Tsipras noted that the discussions to stave off bankruptcy became “not just a way of achieving a better deal for Greece. They were a test, a monumental opportunity to prove the truth of his economic theories.”
High-Stakes Talks
During tense negotiations, Greece found itself perilously close to leaving the eurozone.
On the line was both the country's future but also those punishing austerity policies demanded in exchange for bailout funds from international creditors.
Failed Alternatives
Attempts to find financing from other sources, including an urgent appeal to the Kremlin to buy Greek government bonds, were rejected.
Helping the indebted country would be tantamount to tossing cash in the trash-can, the Russian leader is reputed to have told Tsipras in Moscow.
Public Vote and U-Turn
In July 2015, the punitive conditions were put to a public vote, a move which threw Europe into a further existential crisis.
Although the referendum was won decisively by those who opposed the cuts, Tsipras had little option but to ignore the result and agree to a bailout package with foreign lenders which turned out to be tougher.
Final Straw
The ex-PM revealed how he started questioning his finance minister relatively soon.
“Varoufakis was the face of negotiation, the figure who drew publicity, who graced the front pages of publications the world over … he gave the impression he relished his new role.”
When the minister outlined a contingency plan that included creating a secondary currency as well as distributing vouchers to pensioners, the leader said he realised that it was the end questioning Varoufakis: “Can you be serious?”
Enduring Rebuke
Within the book, Tsipras asserts how his former ally had proved himself to be “unfit for an agreement that required complex and delicate handling.”
Tsipras further claimed that his confrontational approach left him increasingly isolated with colleagues, put Greece at risk, while assisted hawks that were advocating Grexit.
This retelling of events has provoked fury and stunned disbelief among certain groups, while Varoufakis has so far maintained a deafening silence regarding these claims.
