In a newly released personal account, called Ithaki, the ex- prime minister Alexis Tsipras spares no criticism while he revisits that turbulent era during Greece's debt drama.
An Unconventional Appointment
In the ex-PM's recollections, he selected that unorthodox academic Yanis Varoufakis as his treasury head largely due to his international reputation and his very persuasive abilities as a speaker.
“He was, actually, more like a celebrity rather than an economist,” wrote Tsipras.
Clashing Agendas
The former leader alleges how his finance chief possessed a personal motives that involved advancing Varoufakis's publications as well as testing out his own theories using the nation instead of truly advocating its economic stability.
Tsipras explained that those negotiations to stave off bankruptcy became “not just a method to secure a better deal for Greece. They were a test, a monumental chance to demonstrate the validity of Varoufakis's theories.”
Critical Talks
Amid volatile negotiations, the country came perilously close to exiting the eurozone.
At stake lay not only Greece's future but also the punishing austerity policies demanded in exchange for bailout funds from foreign lenders.
Unsuccessful Options
Attempts to secure funds from other sources, including a desperate appeal to the Kremlin to buy Greek bonds, were rejected.
Assisting the indebted country would be tantamount to throwing money into the garbage, Putin is reputed to have informed Tsipras during their meeting.
Public Vote and U-Turn
In July 2015, the punitive conditions were subjected to a popular referendum, a move which threw the EU into deeper crisis of identity.
Although the vote was won resoundingly by voters against austerity, Tsipras had little option to ignore the result and agree to a rescue deal from creditors which turned out to be even harsher.
Breaking Point
The ex-PM revealed how he started questioning Varoufakis relatively soon.
“Varoufakis was the face of the talks, the figure who attracted publicity, who graced the covers of publications the world over … he gave the impression he was enjoying his new role.”
When the minister outlined a backup strategy that included establishing a parallel currency and issuing coupons to retirees, Tsipras knew it was game over questioning him: “Are you serious?”
Lasting Criticism
Within the memoir, Tsipras concludes how Varoufakis demonstrated himself to be “unsuitable for an agreement demanding intricate and sensitive handling.”
He also wrote how Varoufakis's confrontational approach left him more and more alone among peers, put Greece at risk, while helped hardliners who were pushing for Grexit.
The account of history has been met with anger and shock in some quarters, while the former minister has kept a deafening silence regarding these claims.
