Within his recently unveiled memoir, called Ithaki, the former premier Alexis Tsipras pulls no punches while he examines that chaotic period during Greece's debt drama.
A Controversial Appointment
As per Tsipras's account, Tsipras appointed that maverick economist Yanis Varoufakis as the treasury head primarily because of the latter's international reputation along with his highly compelling abilities when it came to communicator.
“In reality, he was, truthfully, more like a star and less of an economic expert,” recalled the 51-year-old.
Conflicting Agendas
Tsipras claims how his finance chief possessed his own motives which involved promoting his publications and experimenting with his own economic models on Greece rather than truly advocating the country's financial survival.
Tsipras noted that those talks to stave off insolvency became “not just a way to secure improved terms for the country. They were an experiment, an historic chance to prove the validity of Varoufakis's theories.”
Critical Talks
Amid rollercoaster negotiations, Greece came dangerously on the brink of leaving the single currency area.
At stake was not only Greece's future and those harsh austerity measures required in return for rescue loans from foreign lenders.
Failed Options
Attempts to find financing elsewhere, such as an urgent appeal to the Kremlin to purchase Greek government bonds, were rejected.
Assisting Greece was tantamount to tossing cash in the trash-can, Putin is reputed to have informed his Greek counterpart during their meeting.
Public Vote Followed by Reversal
That summer, those excoriating bailout terms were put to a popular referendum, a move which plunged Europe into further existential crisis.
Even though the referendum was carried decisively by those against the cuts, the prime minister had little option but to reject its outcome and negotiate a bailout package from foreign lenders that proved to be tougher.
Breaking Point
The ex-PM claimed that he started questioning Varoufakis quite early on.
“Varoufakis was the public image of negotiation, the figure who drew publicity, who appeared on the covers of publications globally … it seemed he relished his new role.”
When the minister proposed a contingency plan that included creating a secondary currency as well as distributing coupons to retirees, the leader knew it was the end questioning him: “Are you serious?”
Enduring Rebuke
In the memoir, the author concludes that Varoufakis had proved himself to be “unfit for an agreement demanding complex and delicate handling.”
Tsipras further wrote how Varoufakis's aggressive approach left him more and more alone among peers, endangered the country, and helped hawks who were pushing for a Greek exit from the euro.
This retelling of events has been met with anger and shock among certain groups, while the former minister has so far kept a conspicuous quiet regarding these claims.
