In a freshly published autobiography, called Ithaki, the former leader Alexis Tsipras pulls no punches while he revisits the turbulent era during Greece's economic turmoil.
An Unconventional Appointment
In the ex-PM's account, Tsipras appointed that maverick academic Yanis Varoufakis to be the treasury head primarily due to his global profile and Varoufakis's very persuasive abilities when it came to communicator.
“In reality, he was, in reality, more like a celebrity and less of an economist,” recalled the 51-year-old.
Clashing Agendas
Tsipras suggests that his finance chief had his own motives which involved promoting Varoufakis's publications as well as testing out his game theories on Greece instead of genuinely fighting for its financial survival.
He explained how those negotiations to avoid bankruptcy became “not only a way to secure a better deal for Greece. They became a test, a monumental chance to demonstrate the validity of his economic theories.”
Critical Negotiations
Amid tense negotiations, the country found itself dangerously close to exiting the eurozone.
At stake lay both the country's future but also those severe austerity policies demanded in exchange for rescue loans from international creditors.
Unsuccessful Options
Efforts to find funds from other sources, including a desperate plea to Russia to buy Greek bonds, went unanswered.
Helping Greece was tantamount to throwing money in the trash-can, Putin is reputed to have told Tsipras during their meeting.
Referendum and U-Turn
In July 2015, those punitive bailout terms were subjected to a public vote, a move which plunged the EU into further crisis of identity.
Even though the vote was carried decisively by those against the cuts, the prime minister had little option to ignore the result then negotiate a bailout package with creditors which turned out to be more severe.
Breaking Point
Tsipras claimed that he began to doubt Varoufakis relatively soon.
“He was the public image of the talks, the figure who attracted media attention, who graced the covers of publications the world over … he gave the impression he relished his new role.”
When the minister proposed a contingency plan that included creating a secondary currency and issuing vouchers to pensioners, Tsipras knew that it was game over questioning Varoufakis: “Can you be serious?”
Enduring Rebuke
In the book, the author asserts that Varoufakis had proved himself to be “unfit for a deal demanding complex and delicate management.”
He further wrote how his aggressive style made him increasingly isolated among peers, put Greece at risk, while assisted hardliners who were advocating Grexit.
The retelling of events has provoked fury along with shock among certain groups, while Varoufakis has maintained a conspicuous quiet regarding these claims.
