In a recently unveiled autobiography, called Ithaki, the former premier Alexis Tsipras pulls no punches while he reflects on the chaotic period of Greece's economic turmoil.
A Controversial Appointment
As per the ex-PM's account, he chose the maverick academic Yanis Varoufakis to be the treasury head primarily due to the latter's global profile along with his highly compelling skills when it came to speaker.
“In reality, he was, truthfully, more of a star rather than an economic expert,” stated the 51-year-old.
Clashing Priorities
Tsipras claims how Varoufakis possessed his own motives that included promoting his books and testing out his theories on the nation instead of truly fighting for the country's economic stability.
Tsipras wrote how the discussions to stave off bankruptcy became “not just a way of achieving improved terms for Greece. They became a test, an historic chance to prove the truth of Varoufakis's theories.”
High-Stakes Talks
During tense discussions, the country came dangerously on the brink of exiting the single currency area.
At stake was not only the country's destiny and the punishing austerity policies required in return for financial aid from foreign lenders.
Unsuccessful Alternatives
Attempts to find funds from other sources, such as a desperate appeal to the Kremlin to purchase Greek government bonds, were rejected.
Helping the indebted country would be tantamount to throwing money in the trash-can, the Russian leader is reputed to have told his Greek counterpart during their meeting.
Public Vote and Reversal
In July 2015, the punitive bailout terms were put to a popular referendum, an action that threw the EU into further existential crisis.
Although the vote was won decisively by those against the cuts, Tsipras had little option to reject its outcome and agree to a bailout package from foreign lenders which proved to be even harsher.
Breaking Point
The ex-PM claimed that he started questioning Varoufakis relatively soon.
“He was the public image of negotiation, the figure who drew publicity, who graced the front pages of publications globally … he gave the impression he was enjoying the spotlight.”
After the minister outlined a backup strategy involving creating a secondary currency and distributing coupons to retirees, the leader said he realised it was game over and asked him: “Are you serious?”
Enduring Criticism
In the memoir, the author asserts how his former ally demonstrated himself “unfit for a deal that required intricate and sensitive handling.”
Tsipras further claimed how his aggressive style left him increasingly isolated with colleagues, put Greece at risk, and helped hawks who were pushing for a Greek exit from the euro.
The retelling of events has provoked fury and shock in some quarters, whereas Varoufakis has so far maintained a conspicuous quiet on the matter.
