Within his freshly published personal account, called Ithaki, the ex- prime minister Alexis Tsipras pulls no punches as he revisits that chaotic era during Greece's debt drama.
An Unconventional Choice
As per Tsipras's account, Tsipras selected the unorthodox academic Yanis Varoufakis as the treasury head primarily because of his international reputation and Varoufakis's very persuasive skills as a public orator.
“In reality, he was, actually, more like a celebrity and less of an economic expert,” wrote Tsipras.
Conflicting Agendas
Tsipras suggests how Varoufakis possessed his own motives that involved promoting Varoufakis's publications as well as experimenting with his theories on the nation instead of genuinely advocating the country's economic stability.
Tsipras noted that those negotiations to stave off insolvency were “not just a way to secure a better deal for Greece. They were a test, an historic chance to demonstrate the truth of Varoufakis's theories.”
Critical Negotiations
During tense negotiations, the country found itself dangerously close to leaving the eurozone.
At stake lay not only Greece's future but also the harsh austerity measures required in return for bailout funds from foreign lenders.
Failed Options
Attempts to secure funds from other sources, including a desperate appeal to the Kremlin to purchase Greek bonds, went unanswered.
Helping Greece would be tantamount to throwing money into the garbage, Putin is reputed to have told his Greek counterpart during their meeting.
Referendum and U-Turn
That summer, those excoriating bailout terms were put to a public vote, an action which threw Europe into further crisis of identity.
Although the referendum was carried resoundingly by voters against the cuts, the prime minister was forced but to reject its outcome then agree to a rescue deal with creditors that proved to be more severe.
Breaking Point
The ex-PM claimed that he started questioning his finance minister quite early on.
“He was the face of negotiation, the man who attracted media attention, who appeared on the covers of publications the world over … he gave the impression he relished his new role.”
After Varoufakis proposed a backup strategy involving creating a secondary currency as well as issuing vouchers to retirees, Tsipras knew it was game over questioning him: “Can you be serious?”
Lasting Criticism
In the memoir, the author concludes that Varoufakis demonstrated himself “unsuitable for a deal that required intricate and delicate management.”
Tsipras also claimed how Varoufakis's confrontational approach left him more and more alone among peers, endangered the country, and assisted hardliners that were pushing for a Greek exit from the euro.
This account of events has been met with fury and stunned disbelief in some quarters, whereas Varoufakis has kept a conspicuous quiet on the matter.
