Within his newly released memoir, titled Ithaki, the former prime minister Alexis Tsipras pulls no punches as he reflects on that turbulent period of Greece's economic turmoil.
A Controversial Choice
In the ex-PM's version, he chose that unorthodox economist Yanis Varoufakis to be the treasury head primarily because of the latter's global profile along with Varoufakis's very persuasive abilities when it came to public orator.
“In reality, he was, in reality, more like a star and less of an economic expert,” stated Tsipras.
Conflicting Agendas
The former leader suggests how Varoufakis possessed his own motives which included promoting his publications and experimenting with his theories on Greece rather than genuinely fighting for its financial survival.
He noted how the discussions to stave off insolvency became “not only a way of achieving improved terms for Greece. They were an experiment, an historic chance to prove the truth of his theories.”
Critical Negotiations
During tense discussions, the country found itself dangerously on the brink of leaving the single currency area.
On the line lay both Greece's destiny and the severe cutbacks demanded in return for bailout funds by foreign lenders.
Unsuccessful Alternatives
Efforts to find funds from other sources, such as a desperate appeal to the Kremlin to purchase Greek bonds, were rejected.
Helping the indebted country would be equivalent to tossing cash into the garbage, Putin is reputed to have told Tsipras in Moscow.
Public Vote Followed by U-Turn
In July 2015, those harsh conditions were subjected to a popular referendum, a move that threw Europe into deeper crisis of identity.
Although the vote was carried resoundingly by voters against austerity, Tsipras was forced to ignore the result then agree to a bailout package with foreign lenders which proved to be more severe.
Final Straw
Tsipras claimed how he started questioning Varoufakis quite early on.
“He was the face of the talks, the man who drew publicity, who graced the covers of magazines the world over … he gave the impression he was enjoying the spotlight.”
When Varoufakis outlined a backup strategy that included creating a secondary currency and distributing coupons to pensioners, the leader knew it was the end and asked Varoufakis: “Can you be serious?”
Lasting Rebuke
Within the book, the author asserts that Varoufakis demonstrated himself “unsuitable for a deal demanding intricate and sensitive handling.”
Tsipras also wrote how Varoufakis's confrontational style made him more and more alone among peers, put Greece at risk, while assisted hawks that were pushing for a Greek exit from the euro.
The account of history has been met with fury and stunned disbelief among certain groups, while Varoufakis has maintained a conspicuous quiet on the matter.
