In a recently unveiled memoir, named Ithaki, the ex- prime minister Alexis Tsipras does not hold back as he revisits that chaotic era of Greece's debt drama.
An Unconventional Appointment
According to Tsipras's account, he selected the unorthodox economist Yanis Varoufakis to be his finance minister primarily because of his international reputation along with his “extremely attractive” skills as a speaker.
“In reality, he was, truthfully, more like a personality rather than an economist,” recalled the 51-year-old.
Conflicting Agendas
The former leader claims that his finance chief had his own agenda which involved promoting Varoufakis's publications as well as testing out his economic models on the nation rather than genuinely fighting for the country's economic stability.
Tsipras explained that those talks to stave off insolvency were “not just a method to secure a better deal for the country. They were an experiment, a monumental chance to prove the validity of his economic theories.”
High-Stakes Negotiations
During rollercoaster negotiations, Greece found itself dangerously on the brink of leaving the single currency area.
At stake lay both Greece's destiny and the harsh austerity measures demanded in return for financial aid from foreign lenders.
Unsuccessful Options
Attempts to secure financing from other sources, such as a desperate plea to the Kremlin to buy Greek bonds, were rejected.
Assisting Greece was equivalent to throwing money into the garbage, the Russian leader reportedly told his Greek counterpart during their meeting.
Public Vote and U-Turn
In July 2015, those excoriating bailout terms were subjected to a popular referendum, a move which plunged the EU into a further crisis of identity.
Even though the referendum was carried resoundingly by those who opposed the cuts, the prime minister had little option but to reject its outcome then agree to a rescue deal with creditors that turned out to be tougher.
Final Straw
The ex-PM claimed that he started questioning Varoufakis relatively soon.
“Varoufakis was the public image of the talks, the man who drew publicity, who appeared on the front pages of publications the world over … it seemed he was enjoying the spotlight.”
After the minister proposed a contingency plan involving creating a parallel currency as well as distributing vouchers to retirees, the leader said he realised that it was game over questioning Varoufakis: “Is this for real?”
Lasting Criticism
In the book, Tsipras asserts how Varoufakis had proved himself “unfit for a deal demanding intricate and delicate handling.”
Tsipras further wrote that his confrontational approach made him increasingly isolated among peers, endangered the country, and assisted hardliners who were advocating Grexit.
This retelling of history has been met with anger and shock in some quarters, whereas Varoufakis has so far kept a deafening silence on the matter.
