Within his newly released memoir, called Ithaki, the former prime minister Alexis Tsipras does not hold back while he examines that chaotic period of Greece's debt drama.
An Unconventional Choice
As per Tsipras's account, Tsipras appointed that unorthodox economist Yanis Varoufakis as his treasury head mainly due to his global profile and his “extremely attractive” skills as a public orator.
“He was, actually, more of a celebrity rather than an economist,” recalled Tsipras.
Conflicting Agendas
Tsipras suggests how Varoufakis possessed his own agenda that included promoting his books as well as testing out his own theories using the nation rather than genuinely fighting for its financial survival.
He noted how those discussions to prevent bankruptcy were “not only a method of achieving a better deal for Greece. They became a test, a monumental opportunity to prove the validity of his ideas.”
High-Stakes Negotiations
Amid rollercoaster negotiations, the country found itself dangerously on the brink of exiting the single currency area.
At stake lay both the country's future and those harsh austerity policies demanded in return for rescue loans by foreign lenders.
Failed Alternatives
Attempts to find financing from other sources, including a desperate plea to the Kremlin to buy Greek bonds, went unanswered.
Assisting Greece would be tantamount to throwing money into the garbage, the Russian leader is reputed to have informed his Greek counterpart in Moscow.
Public Vote Followed by Reversal
That summer, those harsh bailout terms were put to a public vote, an action which plunged Europe into a further crisis of identity.
Even though the vote was won resoundingly by voters who opposed the cuts, Tsipras was forced to ignore the result then negotiate a rescue deal with creditors which turned out to be even harsher.
Breaking Point
The ex-PM claimed that he started questioning his finance minister quite early on.
“Varoufakis was the face of the talks, the man who attracted publicity, who appeared on the front pages of publications the world over … it seemed he relished his new role.”
When the minister outlined a backup strategy involving creating a secondary currency and distributing coupons to retirees, the leader knew that it was the end questioning Varoufakis: “Are you serious?”
Enduring Criticism
In the book, Tsipras concludes that his former ally demonstrated himself to be “unfit for an agreement demanding intricate and delicate management.”
He further wrote how Varoufakis's aggressive style left him increasingly isolated among peers, endangered the country, and helped hawks that were advocating Grexit.
The account of events has provoked fury along with shock among certain groups, whereas the former minister has so far kept a conspicuous quiet on the matter.
