In a freshly published personal account, titled Ithaki, the ex- prime minister Alexis Tsipras pulls no punches while he reflects on that chaotic period during Greece's economic turmoil.
A Controversial Appointment
As per Tsipras's account, Tsipras selected that unorthodox academic Yanis Varoufakis as the treasury head primarily because of the latter's international reputation and his highly compelling skills when it came to speaker.
“In reality, he was, in reality, more of a personality and less of an economist,” wrote the 51-year-old.
Conflicting Agendas
The former leader suggests that his finance chief possessed his own motives which included advancing his books as well as experimenting with his theories on the nation rather than truly fighting for the country's economic stability.
Tsipras noted that the talks to avoid insolvency were “not only a way to secure improved terms for the country. They became an experiment, a monumental chance to prove the validity of Varoufakis's theories.”
Critical Talks
During rollercoaster negotiations, Greece found itself dangerously on the brink of exiting the single currency area.
At stake lay not only the country's destiny but also those harsh cutbacks required in return for bailout funds from international creditors.
Failed 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 tossing cash into the garbage, the Russian leader is reputed to have told Tsipras in Moscow.
Referendum Followed by Reversal
That summer, those punitive conditions were subjected to a public vote, a move that threw the EU into a deeper existential crisis.
Even though the vote was carried resoundingly by those against the cuts, the prime minister was forced but to reject its outcome then agree to a bailout package with foreign lenders which proved to be even harsher.
Final Straw
Tsipras claimed that he began to doubt his finance minister relatively soon.
“He was the public image of negotiation, the figure who drew publicity, who graced the front pages of magazines the world over … it seemed he was enjoying his new role.”
After Varoufakis proposed a contingency plan that included creating a parallel currency as well as distributing vouchers to retirees, the leader knew it was the end questioning him: “Is this for real?”
Lasting Rebuke
Within the memoir, the author concludes that his former ally demonstrated himself “unsuitable for an agreement that required intricate and delicate handling.”
Tsipras further wrote how his aggressive style made him increasingly isolated among peers, put Greece at risk, and assisted hawks that were advocating a Greek exit from the euro.
This account of events has been met with fury and shock among certain groups, whereas Varoufakis has maintained a conspicuous quiet on the matter.
