Within his freshly published personal account, named Ithaki, the ex- prime minister Alexis Tsipras spares no criticism while he revisits that chaotic period during Greece's economic turmoil.
A Controversial Choice
As per Tsipras's recollections, Tsipras selected that maverick academic Yanis Varoufakis to be the treasury head mainly because of the latter's global profile along with Varoufakis's very persuasive skills when it came to speaker.
“In reality, he was, in reality, more of a star and less of an economist,” recalled Tsipras.
Conflicting Priorities
Tsipras claims how his finance chief had his own motives which involved promoting Varoufakis's publications and testing out his theories on Greece instead of truly advocating its financial survival.
Tsipras noted that the negotiations to avoid bankruptcy became “not only a method to secure improved terms for Greece. They became a test, a monumental chance to demonstrate the truth of Varoufakis's theories.”
Critical Negotiations
During volatile discussions, the country came dangerously close to exiting the eurozone.
On the line was both the country's destiny and those severe austerity policies demanded in return for rescue loans from international creditors.
Failed Options
Attempts to find funds from other sources, including an urgent plea to Russia to purchase Greek government bonds, were rejected.
Assisting the indebted country would be equivalent to throwing money into the garbage, Putin reportedly informed Tsipras during their meeting.
Referendum and Reversal
That summer, those punitive conditions were put to a popular referendum, a move which threw the EU into a further existential crisis.
Even though the referendum was won resoundingly by voters against austerity, Tsipras had little option but to reject its outcome and negotiate a bailout package from creditors which turned out to be more severe.
Breaking Point
The ex-PM claimed that he began to doubt his finance minister relatively soon.
“He was the face of the talks, the man who attracted publicity, who graced the covers of publications the world over … it seemed he was enjoying the spotlight.”
After the minister proposed a contingency plan that included creating a secondary currency as well as issuing coupons to retirees, Tsipras knew it was game over and asked him: “Are you serious?”
Lasting Rebuke
Within the book, the author asserts that his former ally demonstrated himself to be “unfit for an agreement that required intricate and delicate management.”
He also claimed that Varoufakis's aggressive approach made him more and more alone among peers, put Greece at risk, while assisted hardliners who were advocating a Greek exit from the euro.
The account of history has provoked anger and stunned disbelief in some quarters, while Varoufakis has kept a deafening silence on the matter.
