In a recently unveiled personal account, called Ithaki, the ex- prime minister Alexis Tsipras does not hold back while he revisits the chaotic period during Greece's economic turmoil.
An Unconventional Appointment
As per Tsipras's recollections, he appointed the maverick economist Yanis Varoufakis to be the treasury head primarily because of his international reputation along with Varoufakis's highly compelling skills as a communicator.
“He was, truthfully, more of a personality and less of an economist,” recalled the 51-year-old.
Clashing Agendas
Tsipras suggests how his finance chief possessed a personal agenda which included promoting Varoufakis's publications and experimenting with his economic models on Greece instead of truly advocating its financial survival.
He explained that the negotiations to avoid insolvency were “not just a method to secure improved terms for Greece. They were an experiment, an historic opportunity to demonstrate the truth of Varoufakis's economic theories.”
Critical Talks
Amid rollercoaster discussions, Greece found itself dangerously on the brink of leaving the eurozone.
On the line was not only the country's future but also the punishing austerity measures demanded in exchange for financial aid by international creditors.
Unsuccessful Options
Efforts to find funds elsewhere, including an urgent plea to Russia to purchase Greek bonds, fell on stony ground.
Helping the indebted country would be tantamount to tossing cash into the garbage, Putin reportedly told his Greek counterpart during their meeting.
Referendum and U-Turn
That summer, those harsh conditions were put to a popular referendum, an action which plunged the EU into deeper crisis of identity.
Although the vote was won decisively by voters against the cuts, the prime minister had little option to ignore the result then agree to a rescue deal with creditors that turned out to be even harsher.
Final Straw
The ex-PM claimed that he started questioning Varoufakis quite early on.
“Varoufakis was the public image of negotiation, the man who drew publicity, who graced the front pages of magazines the world over … it seemed he relished the spotlight.”
When Varoufakis outlined a backup strategy involving establishing a secondary currency and issuing coupons to retirees, the leader said he realised it was the end and asked Varoufakis: “Are you serious?”
Enduring Criticism
In the book, Tsipras concludes how his former ally had proved himself “unsuitable for an agreement demanding intricate and delicate handling.”
He also wrote how Varoufakis's aggressive style left him increasingly isolated with colleagues, put Greece at risk, while helped hardliners who were advocating Grexit.
This retelling of history has provoked anger and stunned disbelief in some quarters, while the former minister has kept a deafening silence regarding these claims.
