Within his recently unveiled personal account, titled Ithaki, the ex- leader Alexis Tsipras does not hold back as he examines that turbulent period during Greece's debt drama.
A Controversial Choice
According to the ex-PM's recollections, he chose the maverick academic Yanis Varoufakis as his finance minister primarily because of his global profile and Varoufakis's “extremely attractive” abilities when it came to communicator.
“In reality, he was, in reality, more of a celebrity and less of an economic expert,” wrote the 51-year-old.
Conflicting Agendas
Tsipras claims how his finance chief possessed a personal motives which involved advancing Varoufakis's books and experimenting with his economic models using the nation instead of genuinely advocating the country's financial survival.
Tsipras wrote that the discussions to avoid insolvency were “not just a method to secure a better deal for the country. They were a test, a monumental opportunity to prove the truth of Varoufakis's theories.”
Critical Negotiations
Amid tense negotiations, Greece found itself perilously close to exiting the eurozone.
On the line was both Greece's destiny but also those harsh cutbacks demanded in return for bailout funds by international creditors.
Unsuccessful Options
Efforts to find funds elsewhere, such as an urgent appeal to the Kremlin to purchase Greek bonds, went unanswered.
Assisting Greece was tantamount to throwing money in the trash-can, the Russian leader is reputed to have informed his Greek counterpart during their meeting.
Public Vote Followed by U-Turn
That summer, the excoriating conditions were subjected to a popular referendum, a move which threw the EU into a deeper existential crisis.
Although the vote was carried resoundingly by voters who opposed austerity, Tsipras had little option to ignore the result then agree to a rescue deal with creditors which proved to be more severe.
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 appeared on the front pages of magazines globally … he gave the impression he relished his new role.”
When the minister outlined a backup strategy involving establishing a secondary currency as well as issuing coupons to pensioners, Tsipras said he realised that it was game over and asked him: “Can you be serious?”
Lasting Rebuke
In the memoir, the author concludes that Varoufakis demonstrated himself to be “unfit for a deal demanding intricate and delicate management.”
Tsipras also claimed that Varoufakis's confrontational style made him increasingly isolated among peers, put Greece at risk, while helped hardliners who were pushing for a Greek exit from the euro.
The account of history has provoked fury along with shock among certain groups, whereas Varoufakis has so far maintained a deafening silence regarding these claims.
