In a newly released personal account, named Ithaki, the ex- leader Alexis Tsipras spares no criticism while he revisits that chaotic era of Greece's financial crisis.
A Controversial Appointment
In the ex-PM's account, he appointed that unorthodox academic Yanis Varoufakis to be the treasury head mainly because of the latter's global profile along with Varoufakis's very persuasive abilities as a public orator.
“He was, truthfully, more of a celebrity and less of an economic expert,” recalled the 51-year-old.
Conflicting Agendas
The former leader claims that his finance chief had his own agenda which involved promoting his books and experimenting with his own theories using Greece rather than truly fighting for the country's financial survival.
Tsipras noted how the negotiations to avoid insolvency were “not only a way to secure a better deal for Greece. They became an experiment, an historic chance to demonstrate the truth of Varoufakis's ideas.”
Critical Talks
Amid tense negotiations, the country came dangerously close to leaving the eurozone.
At stake was both the country's future but also the harsh austerity policies demanded in exchange for rescue loans by international creditors.
Failed Alternatives
Attempts to secure funds from other sources, including a desperate plea to Russia to purchase Greek bonds, were rejected.
Helping the indebted country would be equivalent to tossing cash in the trash-can, Putin reportedly informed his Greek counterpart in Moscow.
Public Vote Followed by Reversal
In July 2015, those punitive conditions were put to a popular referendum, a move which plunged the EU into a deeper crisis of identity.
Although the referendum was carried decisively by those who opposed austerity, the prime minister was forced to ignore the result then negotiate a rescue deal from creditors that turned out to be more severe.
Breaking Point
Tsipras revealed that he began to doubt his finance minister relatively soon.
“Varoufakis was the face of negotiation, the figure who attracted publicity, who graced the front pages of publications globally … it seemed he was enjoying his new role.”
After the minister outlined a backup strategy involving establishing a parallel currency and distributing coupons to retirees, Tsipras said he realised that it was game over and asked him: “Is this for real?”
Lasting Rebuke
In the memoir, Tsipras asserts that Varoufakis had proved himself to be “unfit for an agreement demanding intricate and delicate handling.”
He also wrote how Varoufakis's confrontational style left him more and more alone with colleagues, put Greece at risk, and assisted hardliners who were advocating Grexit.
This retelling of events has been met with fury and stunned disbelief among certain groups, whereas Varoufakis has so far maintained a deafening silence regarding these claims.
