Within his newly released personal account, called Ithaki, the ex- premier Alexis Tsipras does not hold back as he reflects on the chaotic period during Greece's debt drama.
An Unconventional Choice
In Tsipras's account, Tsipras selected that maverick economist Yanis Varoufakis as the treasury head mainly because of the latter's worldwide fame and Varoufakis's “extremely attractive” skills as a speaker.
“In reality, he was, in reality, more of a celebrity rather than an economist,” wrote Tsipras.
Conflicting Agendas
The former leader claims that his finance chief possessed his own motives that included promoting Varoufakis's publications as well as testing out his economic models using Greece instead of genuinely fighting for the country's financial survival.
Tsipras noted how those discussions to prevent bankruptcy became “not only a way of achieving improved terms for the country. They were a test, a monumental opportunity to demonstrate the validity of Varoufakis's theories.”
Critical Negotiations
Amid tense negotiations, the country found itself dangerously close to exiting the single currency area.
On the line lay both the country's future and those punishing austerity measures demanded in return for financial aid by foreign lenders.
Failed Alternatives
Efforts to find funds elsewhere, such as an urgent plea to the Kremlin to buy Greek bonds, went unanswered.
Helping Greece would be tantamount to throwing money into the garbage, Putin reportedly informed his Greek counterpart during their meeting.
Referendum and U-Turn
In July 2015, the excoriating conditions were subjected to a public vote, an action which plunged the EU into deeper existential crisis.
Although the vote was won resoundingly by voters who opposed the cuts, the prime minister had little option but to reject its outcome and negotiate a rescue deal with foreign lenders which proved to be more severe.
Final Straw
The ex-PM claimed how he began to doubt Varoufakis quite early on.
“Varoufakis was the public image of the talks, the figure who drew publicity, who graced the covers of magazines globally … it seemed he was enjoying his new role.”
After the minister proposed a contingency plan that included establishing a secondary currency and issuing vouchers to pensioners, Tsipras knew it was game over and asked him: “Is this for real?”
Enduring Criticism
Within the book, the author asserts that Varoufakis had proved himself to be “unsuitable for an agreement that required complex and delicate management.”
Tsipras also wrote how Varoufakis's aggressive style made him increasingly isolated among peers, put Greece at risk, while helped hardliners who were pushing for a Greek exit from the euro.
The account of history has been met with fury along with shock among certain groups, whereas Varoufakis has so far kept a conspicuous quiet on the matter.
