Within his newly released memoir, called Ithaki, the former premier Alexis Tsipras does not hold back as he revisits that chaotic era during Greece's debt drama.
An Unconventional Choice
As per Tsipras's recollections, he appointed that unorthodox economist Yanis Varoufakis to be the treasury head primarily due to his international reputation and his highly compelling abilities when it came to speaker.
“He was, in reality, more of a celebrity rather than an economist,” stated Tsipras.
Conflicting Agendas
Tsipras suggests that Varoufakis possessed his own agenda that involved advancing his books and experimenting with his own game theories using Greece rather than truly fighting for the country's financial survival.
Tsipras noted how those talks to avoid insolvency were “not just a way of achieving improved terms for Greece. They became a test, a monumental opportunity to demonstrate the validity of Varoufakis's ideas.”
Critical Talks
During volatile negotiations, the country found itself dangerously close to leaving the eurozone.
On the line was not only the country's future but also the severe cutbacks required in exchange for financial aid by foreign lenders.
Unsuccessful Alternatives
Efforts to secure financing from other sources, including a desperate plea to Russia to buy Greek government bonds, went unanswered.
Helping Greece was tantamount to tossing cash in the trash-can, the Russian leader is reputed to have told Tsipras during their meeting.
Public Vote Followed by U-Turn
In July 2015, those harsh bailout terms were subjected to a popular referendum, a move which threw the EU into further crisis of identity.
Although the referendum was carried resoundingly by those against austerity, Tsipras had little option but to ignore the result then agree to a bailout package with foreign lenders that turned out to be more severe.
Final Straw
Tsipras claimed how he began to doubt his finance minister relatively soon.
“Varoufakis was the face of negotiation, the figure who attracted publicity, who graced the covers of magazines the world over … it seemed he relished the spotlight.”
After Varoufakis outlined a contingency plan that included establishing a secondary currency as well as distributing coupons to retirees, Tsipras said he realised it was the end and asked him: “Is this for real?”
Enduring Rebuke
In the memoir, Tsipras asserts how Varoufakis had proved himself “unsuitable for a deal that required intricate and sensitive management.”
Tsipras further wrote how his confrontational approach left him more and more alone with colleagues, endangered the country, while helped hardliners who were advocating a Greek exit from the euro.
This retelling of events has provoked fury and shock in some quarters, whereas the former minister has so far kept a conspicuous quiet regarding these claims.
