Within his newly released memoir, titled Ithaki, the former prime minister Alexis Tsipras pulls no punches while he examines that chaotic period during Greece's economic turmoil.
A Controversial Appointment
According to the ex-PM's recollections, Tsipras chose that unorthodox economist Yanis Varoufakis as the treasury head primarily due to his global profile along with his highly compelling skills as a public orator.
“He was, in reality, more like a personality rather than an economist,” wrote Tsipras.
Conflicting Agendas
The former leader claims how his finance chief possessed his own agenda that included advancing his books and testing out his game theories using Greece rather than genuinely fighting for the country's financial survival.
He wrote that those negotiations to avoid bankruptcy were “not just a method of achieving improved terms for Greece. They became a test, a monumental chance to prove the truth of Varoufakis's theories.”
Critical Talks
During rollercoaster negotiations, the country came perilously close to leaving the single currency area.
On the line was both the country's destiny and the punishing austerity policies demanded in return for bailout funds from international creditors.
Unsuccessful Options
Efforts to secure financing from other sources, such as a desperate appeal to Russia to buy Greek government bonds, went unanswered.
Helping the indebted country would be tantamount to tossing cash into the garbage, the Russian leader is reputed to have informed Tsipras during their meeting.
Public Vote Followed by U-Turn
That summer, the harsh conditions were put to a public vote, an action which threw the EU into further crisis of identity.
Although the vote was won decisively by those who opposed austerity, the prime minister was forced but to ignore the result and negotiate a rescue deal with foreign lenders that turned out to be even harsher.
Breaking Point
The ex-PM revealed that he started questioning Varoufakis quite early on.
“Varoufakis was the face of the talks, the figure who attracted media attention, who appeared on the front pages of publications globally … he gave the impression he relished the spotlight.”
After the minister outlined a contingency plan involving creating a secondary currency as well as issuing coupons to retirees, the leader knew it was the end questioning him: “Are you serious?”
Enduring Criticism
In the memoir, the author concludes how his former ally had proved himself to be “unsuitable for an agreement demanding intricate and sensitive handling.”
Tsipras also claimed how Varoufakis's aggressive style made him increasingly isolated with colleagues, endangered the country, while assisted hawks that were pushing for a Greek exit from the euro.
The account of history has been met with fury along with shock among certain groups, while Varoufakis has kept a conspicuous quiet on the matter.
