In a recently unveiled personal account, called Ithaki, the ex- premier Alexis Tsipras pulls no punches as he reflects on that chaotic period of Greece's economic turmoil.
An Unconventional Appointment
As per Tsipras's account, he selected that maverick economist Yanis Varoufakis to be his finance minister mainly because of his worldwide fame along with his very persuasive skills when it came to public orator.
“In reality, he was, actually, more like a celebrity and less of an economist,” stated Tsipras.
Clashing Priorities
Tsipras alleges how his finance chief possessed a personal agenda that involved promoting his books and experimenting with his own game theories using Greece rather than truly advocating the country's economic stability.
Tsipras explained how those talks to avoid bankruptcy became “not only a method of achieving improved terms for Greece. They became a test, an historic chance to demonstrate the truth of Varoufakis's ideas.”
Critical Negotiations
Amid tense discussions, the country came perilously on the brink of exiting the single currency area.
At stake lay not only the country's destiny but also those severe austerity measures required in return for financial aid from foreign lenders.
Unsuccessful Options
Attempts to secure funds from other sources, including an urgent plea to the Kremlin to buy Greek bonds, were rejected.
Helping Greece was equivalent to tossing cash in the trash-can, the Russian leader is reputed to have told his Greek counterpart in Moscow.
Public Vote Followed by Reversal
That summer, those punitive conditions were subjected to a public vote, a move which threw the EU into further existential crisis.
Even though the vote was carried decisively by those against austerity, the prime minister was forced to ignore the result then negotiate a bailout package from creditors that turned out to be tougher.
Breaking Point
Tsipras claimed that he began to doubt his finance minister quite early on.
“Varoufakis was the public image of negotiation, the figure who attracted media attention, who graced the covers of publications globally … he gave the impression he relished the spotlight.”
After the minister outlined a contingency plan involving establishing a secondary currency and issuing vouchers to pensioners, the leader said he realised that it was game over and asked Varoufakis: “Can you be serious?”
Enduring Criticism
In the memoir, the author asserts that his former ally had proved himself to be “unfit for an agreement demanding complex and delicate management.”
He further wrote that his confrontational style left him increasingly isolated among peers, put Greece at risk, and helped hardliners who were pushing for Grexit.
This account of history has been met with fury and shock among certain groups, while Varoufakis has so far maintained a deafening silence regarding these claims.
