Within his newly released memoir, titled Ithaki, the ex- premier Alexis Tsipras pulls no punches while he reflects on the chaotic period of Greece's debt drama.
A Controversial Choice
As per the ex-PM's version, he selected that maverick academic Yanis Varoufakis as the treasury head primarily due to his worldwide fame and Varoufakis's very persuasive skills as a communicator.
“He was, truthfully, more of a celebrity rather than an economic expert,” stated the 51-year-old.
Conflicting Agendas
The former leader alleges that his finance chief had a personal agenda that included advancing his books as well as experimenting with his own theories on the nation rather than truly fighting for the country's financial survival.
Tsipras noted how those negotiations to prevent bankruptcy became “not just a way to secure a better deal for the country. They became a test, a monumental chance to prove the validity of his ideas.”
High-Stakes Talks
Amid tense negotiations, Greece found itself dangerously on the brink of exiting the eurozone.
On the line was not only the country's future and those punishing austerity policies demanded in return for bailout funds from international creditors.
Unsuccessful Alternatives
Attempts to secure funds elsewhere, such as an urgent plea to the Kremlin to buy Greek government bonds, were rejected.
Helping the indebted country would be equivalent to tossing cash in the trash-can, the Russian leader is reputed to have told Tsipras in Moscow.
Referendum and Reversal
In July 2015, those harsh conditions were put to a public vote, an action which plunged Europe into a deeper existential crisis.
Although the referendum was carried resoundingly by voters who opposed austerity, the prime minister was forced to reject its outcome then agree to a rescue deal from creditors which proved to be more severe.
Breaking Point
Tsipras revealed that he started questioning his finance minister quite early on.
“Varoufakis was the face of negotiation, the figure who drew publicity, who appeared on the covers of publications the world over … it seemed he relished the spotlight.”
After the minister proposed a backup strategy that included creating a parallel currency and issuing coupons to pensioners, Tsipras said he realised it was the end questioning Varoufakis: “Is this for real?”
Enduring Criticism
In the memoir, the author asserts that Varoufakis demonstrated himself “unsuitable for a deal that required complex and sensitive handling.”
He also wrote that his confrontational style made him increasingly isolated among peers, endangered the country, and assisted hawks who were advocating Grexit.
The account of events has provoked fury and stunned disbelief in some quarters, whereas the former minister has maintained a deafening silence regarding these claims.
