Within his newly released personal account, named Ithaki, the former leader Alexis Tsipras does not hold back as he reflects on that chaotic period during Greece's economic turmoil.
An Unconventional Choice
As per Tsipras's recollections, Tsipras selected that maverick economist Yanis Varoufakis as the finance minister primarily because of the latter's worldwide fame along with his “extremely attractive” abilities when it came to communicator.
“In reality, he was, truthfully, more of a celebrity and less of an economic expert,” wrote Tsipras.
Clashing Agendas
The former leader suggests that Varoufakis had a personal agenda which involved advancing his books and testing out his theories on the nation instead of truly advocating its financial survival.
He noted how the negotiations to avoid bankruptcy were “not only a method of achieving improved terms for Greece. They became a test, an historic opportunity to demonstrate the truth of his economic theories.”
Critical Negotiations
During tense discussions, Greece found itself perilously close to exiting the single currency area.
On the line lay both the country's destiny and the severe austerity measures demanded in exchange for bailout funds by foreign lenders.
Failed Options
Efforts to secure funds from other sources, including an urgent plea to Russia to buy Greek government bonds, went unanswered.
Helping the indebted country was tantamount to tossing cash in the trash-can, the Russian leader is reputed to have told Tsipras during their meeting.
Referendum and Reversal
In July 2015, those punitive bailout terms were subjected to a popular referendum, a move which plunged Europe into a further crisis of identity.
Although the vote was carried resoundingly by voters who opposed austerity, Tsipras had little option but to reject its outcome and negotiate a bailout package with foreign lenders which proved to be even harsher.
Final Straw
Tsipras claimed how he began to doubt Varoufakis quite early on.
“Varoufakis was the public image of negotiation, the man who drew publicity, who appeared on the front pages of publications the world over … it seemed he relished the spotlight.”
When the minister outlined a backup strategy that included creating a secondary currency and issuing vouchers to pensioners, Tsipras said he realised that it was the end and asked Varoufakis: “Are you serious?”
Enduring Rebuke
Within the book, Tsipras concludes how Varoufakis had proved himself to be “unsuitable for an agreement demanding intricate and sensitive management.”
Tsipras further claimed how Varoufakis's aggressive style made him more and more alone among peers, endangered the country, while assisted hardliners who were advocating Grexit.
The retelling of events has been met with fury and stunned disbelief in some quarters, while the former minister has so far maintained a conspicuous quiet on the matter.
