Within his newly released personal account, named Ithaki, the former prime minister Alexis Tsipras spares no criticism as he reflects on that chaotic period of Greece's financial crisis.
A Controversial Appointment
According to Tsipras's account, Tsipras selected that unorthodox economist Yanis Varoufakis to be the treasury head primarily because of the latter's global profile along with his very persuasive abilities as a speaker.
“He was, actually, more of a celebrity rather than an economist,” wrote Tsipras.
Conflicting Priorities
Tsipras alleges how Varoufakis possessed a personal motives that included advancing his publications as well as testing out his own game theories using the nation instead of truly fighting for the country's financial survival.
He explained how those discussions to prevent bankruptcy were “not only a method to secure a better deal for Greece. They became an experiment, an historic opportunity to prove the truth of Varoufakis's ideas.”
High-Stakes Talks
During rollercoaster negotiations, the country came perilously close to exiting the eurozone.
On the line was not only the country's future but also those harsh austerity measures required in exchange for rescue loans by foreign lenders.
Failed Options
Efforts to find funds elsewhere, such as a desperate plea to Russia to purchase Greek government bonds, were rejected.
Helping the indebted country would be equivalent to throwing money into the garbage, the Russian leader reportedly informed Tsipras during their meeting.
Referendum and U-Turn
That summer, those punitive conditions were subjected to a popular referendum, an action which plunged Europe into further existential crisis.
Even though the vote was won resoundingly by voters who opposed the cuts, Tsipras was forced to ignore the result then agree to a bailout package with foreign lenders that turned out to be even harsher.
Final Straw
The ex-PM revealed that he began to doubt his finance minister relatively soon.
“He was the face of negotiation, the man who drew publicity, who graced the front pages of magazines the world over … it seemed he was enjoying the spotlight.”
When the minister outlined a contingency plan involving creating a secondary currency and distributing vouchers to retirees, Tsipras said he realised that it was the end and asked him: “Is this for real?”
Enduring Rebuke
In the book, the author concludes how his former ally demonstrated himself to be “unsuitable for an agreement that required complex and delicate management.”
He further wrote how his confrontational approach made him more and more alone with colleagues, put Greece at risk, while helped hawks who were advocating a Greek exit from the euro.
This retelling of events has been met with fury and shock among certain groups, whereas Varoufakis has so far kept a deafening silence on the matter.
