Within his recently unveiled memoir, titled Ithaki, the ex- leader Alexis Tsipras spares no criticism while he examines the turbulent period during Greece's financial crisis.
A Controversial Choice
As per the ex-PM's recollections, Tsipras appointed that maverick academic Yanis Varoufakis to be the treasury head mainly due to the latter's international reputation and Varoufakis's highly compelling abilities as a public orator.
“In reality, he was, in reality, more of a celebrity and less of an economic expert,” wrote the 51-year-old.
Clashing Priorities
Tsipras claims that his finance chief possessed a personal motives that involved advancing Varoufakis's publications and experimenting with his own game theories on the nation instead of genuinely fighting for its financial survival.
He wrote how those negotiations to stave off insolvency became “not only a method of achieving improved terms for the country. They became a test, a monumental opportunity to prove the validity of Varoufakis's ideas.”
Critical Negotiations
During tense discussions, Greece found itself perilously on the brink of exiting the single currency area.
At stake lay not only the country's destiny and the severe austerity policies demanded in return for financial aid from foreign lenders.
Unsuccessful Alternatives
Efforts to secure financing elsewhere, such as a desperate plea to the Kremlin to purchase Greek bonds, fell on stony ground.
Assisting Greece was equivalent to tossing cash into the garbage, Putin reportedly told Tsipras during their meeting.
Referendum Followed by Reversal
That summer, those excoriating bailout terms were put to a public vote, an action which plunged the EU into a further existential crisis.
Although the referendum was carried resoundingly by those against austerity, the prime minister had little option to ignore the result then agree to a bailout package with foreign lenders which turned out to be more severe.
Breaking Point
Tsipras revealed that he started questioning his finance minister relatively soon.
“He was the face of the talks, the man who drew publicity, who graced the front pages of magazines globally … it seemed he was enjoying the spotlight.”
When the minister proposed a contingency plan that included establishing a parallel currency as well as distributing vouchers to pensioners, the leader knew it was the end and asked Varoufakis: “Is this for real?”
Lasting Rebuke
Within the book, the author asserts how Varoufakis had proved himself “unfit for an agreement demanding complex and delicate handling.”
He further claimed that Varoufakis's aggressive approach left him increasingly isolated among peers, endangered the country, and assisted hawks that were advocating Grexit.
This retelling of events has provoked anger and stunned disbelief in some quarters, whereas the former minister has maintained a conspicuous quiet regarding these claims.