In a recently unveiled personal account, called Ithaki, the ex- leader Alexis Tsipras spares no criticism as he reflects on the turbulent period of Greece's economic turmoil.
An Unconventional Appointment
In the ex-PM's account, Tsipras selected that unorthodox academic Yanis Varoufakis to be the treasury head largely due to his international reputation and his “extremely attractive” abilities as a communicator.
“In reality, he was, truthfully, more of a celebrity and less of an economic expert,” wrote the 51-year-old.
Conflicting Agendas
Tsipras claims that Varoufakis had a personal motives which included promoting his books as well as testing out his theories on Greece rather than truly fighting for the country's economic stability.
Tsipras noted that the negotiations to prevent insolvency became “not only a way to secure a better deal for the country. They became an experiment, an historic chance to prove the validity of Varoufakis's ideas.”
High-Stakes Negotiations
During tense discussions, the country came perilously on the brink of leaving the single currency area.
At stake lay not only the country's future and those harsh cutbacks required in exchange for financial aid by foreign lenders.
Unsuccessful Options
Efforts to find funds from other sources, including a desperate appeal to the Kremlin to buy Greek government bonds, went unanswered.
Helping the indebted country was tantamount to tossing cash in the trash-can, Putin reportedly informed Tsipras in Moscow.
Referendum and U-Turn
In July 2015, those punitive bailout terms were subjected to a popular referendum, an action that plunged Europe into further crisis of identity.
Although the vote was won resoundingly by those against the cuts, Tsipras had little option to ignore the result and agree to a bailout package from foreign lenders that turned out to be tougher.
Breaking Point
Tsipras claimed how he began to doubt Varoufakis relatively soon.
“He was the public image of negotiation, the figure who drew media attention, who appeared on the covers of magazines the world over … it seemed he relished his new role.”
When Varoufakis proposed a backup strategy that included creating a parallel currency as well as issuing coupons to retirees, Tsipras knew it was game over and asked Varoufakis: “Can you be serious?”
Lasting Criticism
In the book, the author asserts that Varoufakis had proved himself to be “unsuitable for an agreement that required intricate and sensitive management.”
Tsipras further claimed how Varoufakis's confrontational style made him more and more alone with colleagues, put Greece at risk, while assisted hawks who were pushing for Grexit.
This retelling of history has provoked anger and shock in some quarters, whereas the former minister has kept a conspicuous quiet regarding these claims.
