Within his recently unveiled memoir, titled Ithaki, the ex- leader Alexis Tsipras pulls no punches as he reflects on the chaotic era during Greece's debt drama.
A Controversial Appointment
According to the ex-PM's recollections, he selected the unorthodox academic Yanis Varoufakis to be the treasury head primarily because of his worldwide fame along with his highly compelling abilities when it came to communicator.
“In reality, he was, actually, more like a star and less of an economic expert,” stated the 51-year-old.
Clashing Priorities
The former leader claims that his finance chief possessed his own agenda which included advancing his books as well as testing out his theories on Greece instead of truly advocating the country's economic stability.
Tsipras wrote that those talks to prevent bankruptcy became “not just a way to secure a better deal for the country. They became a test, an historic chance to prove the validity of his theories.”
Critical Negotiations
Amid tense discussions, Greece found itself dangerously on the brink of leaving the eurozone.
At stake lay both the country's destiny and the severe cutbacks required in return for bailout funds from international creditors.
Failed Alternatives
Efforts to secure financing from other sources, including an urgent plea to Russia to buy Greek bonds, were rejected.
Assisting Greece would be tantamount to throwing money into the garbage, Putin reportedly informed Tsipras in Moscow.
Referendum Followed by Reversal
In July 2015, those harsh bailout terms were subjected to a popular referendum, a move that plunged the EU into deeper crisis of identity.
Even though the vote was carried decisively by voters who opposed austerity, Tsipras was forced but to ignore the result and negotiate a rescue deal with foreign lenders which turned out to be tougher.
Breaking Point
The ex-PM revealed that he began to doubt his finance minister relatively soon.
“Varoufakis was the public image of the talks, the figure who attracted media attention, who graced the covers of magazines globally … it seemed he relished his new role.”
After Varoufakis proposed a backup strategy involving establishing a parallel currency and distributing coupons to pensioners, Tsipras said he realised that it was the end questioning Varoufakis: “Are you serious?”
Enduring Rebuke
In the memoir, the author concludes that Varoufakis demonstrated himself to be “unsuitable for an agreement that required complex and sensitive handling.”
Tsipras further wrote that his confrontational approach made him increasingly isolated among peers, endangered the country, and assisted hawks that were advocating a Greek exit from the euro.
This retelling of history has provoked fury and shock among certain groups, whereas Varoufakis has so far kept a deafening silence regarding these claims.
