In a newly released memoir, named Ithaki, the ex- prime minister Alexis Tsipras does not hold back while he examines the chaotic period of Greece's debt drama.
An Unconventional Choice
In the ex-PM's recollections, he selected the unorthodox academic Yanis Varoufakis as the treasury head primarily due to the latter's international reputation along with Varoufakis's “extremely attractive” skills as a public orator.
“In reality, he was, in reality, more of a star rather than an economic expert,” recalled the 51-year-old.
Conflicting Agendas
The former leader suggests that Varoufakis possessed a personal motives which involved advancing his publications and experimenting with his theories on the nation rather than truly advocating the country's economic stability.
Tsipras noted how the discussions to prevent insolvency were “not just a method to secure a better deal for Greece. They became an experiment, a monumental chance to prove the validity of Varoufakis's ideas.”
High-Stakes Talks
During volatile negotiations, Greece found itself perilously close to leaving the single currency area.
At stake lay both the country's future and the punishing austerity policies required in exchange for financial aid by foreign lenders.
Unsuccessful Options
Efforts to find funds elsewhere, such as an urgent appeal 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 his Greek counterpart in Moscow.
Referendum Followed by Reversal
In July 2015, the punitive bailout terms were subjected to a public vote, a move that threw Europe into further existential crisis.
Although the referendum was carried resoundingly by voters against austerity, Tsipras was forced to reject its outcome then agree to a bailout package with foreign lenders which turned out to be even harsher.
Breaking Point
The ex-PM claimed that he started questioning his finance minister relatively soon.
“Varoufakis was the public image of the talks, the man who attracted publicity, who appeared on the front pages of publications globally … it seemed he relished the spotlight.”
When the minister proposed a backup strategy that included establishing a parallel currency as well as distributing coupons to retirees, Tsipras knew it was the end and asked him: “Are you serious?”
Enduring Rebuke
In the book, the author asserts how his former ally had proved himself “unfit for a deal demanding complex and sensitive management.”
Tsipras further wrote that Varoufakis's confrontational style left him increasingly isolated among peers, endangered the country, and assisted hawks that were advocating a Greek exit from the euro.
The retelling of history has provoked fury along with shock among certain groups, whereas Varoufakis has so far maintained a deafening silence on the matter.
