Within his recently unveiled personal account, named Ithaki, the former prime minister Alexis Tsipras pulls no punches as he examines that turbulent period during Greece's debt drama.
A Controversial Appointment
In the ex-PM's recollections, he appointed that maverick economist Yanis Varoufakis to be the finance minister largely because of the latter's worldwide fame and his highly compelling abilities when it came to public orator.
“He was, truthfully, more like a celebrity rather than an economist,” wrote the 51-year-old.
Conflicting Agendas
The former leader alleges how his finance chief had his own agenda which included promoting his books and testing out his own economic models on the nation instead of truly fighting for the country's economic stability.
Tsipras explained that those discussions to prevent bankruptcy were “not just a method of achieving a better deal for Greece. They became a test, a monumental chance to prove the truth of his theories.”
High-Stakes Negotiations
During rollercoaster negotiations, Greece came dangerously on the brink of leaving the single currency area.
At stake lay both the country's future and the harsh cutbacks required in exchange for financial aid from foreign lenders.
Failed Alternatives
Attempts to find financing from other sources, including a desperate appeal to Russia to buy Greek bonds, went unanswered.
Helping the indebted country was equivalent to tossing cash in the trash-can, Putin is reputed to have told his Greek counterpart in Moscow.
Public Vote Followed by Reversal
That summer, those punitive conditions were put to a popular referendum, an action which plunged the EU into a deeper crisis of identity.
Although the vote was carried decisively by voters against the cuts, Tsipras had little option to ignore the result then negotiate a rescue deal with foreign lenders which proved to be more severe.
Final Straw
The ex-PM revealed how he started questioning his finance minister relatively soon.
“Varoufakis was the public image of negotiation, the figure who drew publicity, who graced the covers of publications the world over … it seemed he relished his new role.”
After Varoufakis outlined a backup strategy that included establishing a parallel currency as well as issuing vouchers to retirees, Tsipras knew it was the end questioning Varoufakis: “Are you serious?”
Lasting Criticism
Within the book, the author asserts how Varoufakis had proved himself to be “unfit for an agreement that required intricate and delicate management.”
Tsipras also wrote that his confrontational approach made him more and more alone among peers, endangered the country, while helped hawks who were advocating Grexit.
This retelling of history has been met with fury and shock in some quarters, whereas the former minister has so far kept a conspicuous quiet regarding these claims.
