Within his recently unveiled personal account, called Ithaki, the ex- premier Alexis Tsipras pulls no punches as he revisits the chaotic period during Greece's financial crisis.
A Controversial Appointment
As per Tsipras's recollections, he selected that maverick academic Yanis Varoufakis as his treasury head largely because of his worldwide fame and Varoufakis's very persuasive skills when it came to public orator.
“He was, actually, more of a personality and less of an economist,” recalled Tsipras.
Clashing Priorities
The former leader claims how his finance chief possessed his own agenda that included promoting his publications and testing out his own game theories using Greece instead of truly fighting for its financial survival.
He explained how those negotiations to avoid bankruptcy became “not just a method to secure improved terms for Greece. They became an experiment, an historic chance to demonstrate the validity of Varoufakis's ideas.”
High-Stakes Negotiations
Amid volatile discussions, Greece came perilously close to exiting the single currency area.
On the line lay not only the country's destiny and those severe austerity measures required in exchange for rescue loans from international creditors.
Failed Alternatives
Attempts to secure financing from other sources, including a desperate plea to Russia to purchase Greek bonds, fell on stony ground.
Helping the indebted country would be tantamount to tossing cash in the trash-can, the Russian leader reportedly informed his Greek counterpart during their meeting.
Public Vote Followed by Reversal
That summer, the excoriating conditions were put to a public vote, a move which plunged Europe into a further crisis of identity.
Although the vote was won resoundingly by voters who opposed the cuts, the prime minister had little option but to reject its outcome and negotiate a bailout package from creditors that proved to be tougher.
Final Straw
Tsipras claimed how he started questioning his finance minister relatively soon.
“He was the public image of the talks, the figure who drew media attention, who appeared on the covers of publications globally … he gave the impression he relished his new role.”
When Varoufakis proposed a backup strategy that included creating a secondary currency as well as issuing vouchers to pensioners, the leader said he realised it was the end questioning him: “Are you serious?”
Enduring Rebuke
In the book, the author concludes that Varoufakis had proved himself to be “unfit for a deal demanding complex and delicate management.”
Tsipras also wrote how his confrontational style left him increasingly isolated with colleagues, put Greece at risk, while helped hardliners who were pushing for a Greek exit from the euro.
This account of history has been met with anger along with stunned disbelief among certain groups, while the former minister has maintained a conspicuous quiet regarding these claims.
