In a freshly published personal account, named Ithaki, the ex- premier Alexis Tsipras pulls no punches as he reflects on that turbulent period during Greece's debt drama.
An Unconventional Appointment
In the ex-PM's version, Tsipras selected the unorthodox academic Yanis Varoufakis to be his treasury head primarily due to his global profile and his highly compelling skills when it came to public orator.
“He was, truthfully, more like a star rather than an economic expert,” wrote Tsipras.
Clashing Priorities
The former leader alleges that Varoufakis possessed a personal agenda that involved advancing Varoufakis's publications and testing out his economic models on Greece instead of genuinely fighting for its financial survival.
He explained how the talks to prevent bankruptcy became “not just a method of achieving improved terms for Greece. They became an experiment, a monumental chance to demonstrate the validity of Varoufakis's economic theories.”
High-Stakes Talks
During tense negotiations, the country found itself dangerously close to leaving the eurozone.
On the line was both the country's future and the harsh austerity policies required in exchange for financial aid by international creditors.
Failed Options
Attempts to secure funds elsewhere, such as an urgent appeal to Russia to buy Greek bonds, went unanswered.
Helping the indebted country was equivalent to throwing money into the garbage, the Russian leader reportedly informed Tsipras in Moscow.
Public Vote Followed by U-Turn
That summer, those punitive conditions were subjected to a public vote, a move which plunged the EU into a further existential crisis.
Even though the referendum was carried resoundingly by those who opposed austerity, the prime minister was forced to reject its outcome and negotiate a bailout package with foreign lenders which turned out to be more severe.
Final Straw
The ex-PM claimed how he began to doubt his finance minister relatively soon.
“Varoufakis was the face of the talks, the figure who attracted media attention, who graced the covers of publications globally … he gave the impression he was enjoying the spotlight.”
When Varoufakis outlined a contingency plan that included creating a secondary currency and distributing vouchers to retirees, the leader knew it was the end questioning Varoufakis: “Are you serious?”
Enduring Criticism
Within the book, Tsipras asserts that his former ally had proved himself to be “unfit for an agreement demanding intricate and delicate handling.”
He also wrote how his aggressive style made him more and more alone with colleagues, put Greece at risk, and helped hardliners who were pushing for Grexit.
This retelling of events has provoked fury and shock among certain groups, whereas Varoufakis has kept a deafening silence on the matter.
