In a freshly published memoir, named Ithaki, the ex- premier Alexis Tsipras does not hold back while he examines the chaotic period during Greece's debt drama.
A Controversial Appointment
As per the ex-PM's account, he appointed that maverick academic Yanis Varoufakis as the finance minister mainly because of his worldwide fame along with Varoufakis's highly compelling abilities when it came to public orator.
“In reality, he was, truthfully, more of a personality rather than an economist,” recalled the 51-year-old.
Conflicting Agendas
Tsipras claims how his finance chief possessed a personal agenda that involved promoting Varoufakis's publications and testing out his theories using the nation instead of genuinely advocating its financial survival.
He wrote that those negotiations to stave off bankruptcy were “not only a way to secure improved terms for Greece. They were an experiment, an historic chance to demonstrate the validity of Varoufakis's economic theories.”
Critical Talks
Amid tense discussions, Greece came perilously close to leaving the single currency area.
At stake lay not only Greece's destiny and those punishing austerity policies required in exchange for bailout funds by international creditors.
Unsuccessful Alternatives
Attempts to secure funds elsewhere, such as a desperate plea to the Kremlin to buy Greek government bonds, fell on stony ground.
Assisting Greece would be tantamount to throwing money into the garbage, Putin is reputed to have informed Tsipras in Moscow.
Referendum and Reversal
In July 2015, those punitive conditions were put to a popular referendum, a move which threw Europe into further existential crisis.
Although the referendum was won decisively by voters against the cuts, the prime minister had little option but to reject its outcome and negotiate a rescue deal from creditors that proved to be more severe.
Breaking Point
The ex-PM claimed how he started questioning his finance minister quite early on.
“Varoufakis was the face of the talks, the man who drew publicity, who appeared on the front pages of magazines the world over … he gave the impression he was enjoying the spotlight.”
After Varoufakis proposed a backup strategy involving creating a secondary currency and issuing vouchers to pensioners, Tsipras said he realised it was the end and asked Varoufakis: “Are you serious?”
Enduring Criticism
Within the book, Tsipras concludes that Varoufakis had proved himself “unsuitable for a deal that required intricate and delicate handling.”
Tsipras further wrote how his aggressive style made him more and more alone among peers, put Greece at risk, and helped hawks that were pushing for a Greek exit from the euro.
The retelling of events has provoked anger and stunned disbelief among certain groups, while Varoufakis has so far kept a conspicuous quiet regarding these claims.
