Within his newly released memoir, named Ithaki, the ex- leader Alexis Tsipras does not hold back as he reflects on the chaotic era during Greece's debt drama.
An Unconventional Choice
As per the ex-PM's account, he chose that maverick economist Yanis Varoufakis to be the finance minister largely because of his international reputation and Varoufakis's highly compelling skills when it came to public orator.
“He was, actually, more like a personality and less of an economist,” stated the 51-year-old.
Conflicting Priorities
The former leader alleges that Varoufakis possessed a personal motives which involved advancing Varoufakis's publications and testing out his own theories on Greece rather than truly advocating its economic stability.
Tsipras explained how the discussions to stave off insolvency were “not only a way to secure a better deal for the country. They were an experiment, a monumental opportunity to prove the validity of Varoufakis's economic theories.”
High-Stakes Negotiations
During rollercoaster negotiations, the country came perilously on the brink of exiting the single currency area.
At stake lay both Greece's destiny and the harsh austerity measures demanded in exchange for financial aid from foreign lenders.
Failed Options
Attempts to secure funds elsewhere, such as a desperate plea to Russia to purchase Greek government bonds, went unanswered.
Assisting the indebted country was tantamount to tossing cash in the trash-can, Putin is reputed to have informed Tsipras during their meeting.
Public Vote Followed by U-Turn
That summer, the excoriating conditions were put to a popular referendum, a move which plunged Europe into a further crisis of identity.
Even though the referendum was won decisively by those who opposed austerity, the prime minister was forced to reject its outcome then agree to a rescue deal from foreign lenders which turned out to be tougher.
Final Straw
Tsipras revealed that he began to doubt Varoufakis relatively soon.
“He was the face of the talks, the man who attracted publicity, who graced the front pages of publications globally … it seemed he relished the spotlight.”
After the minister proposed a contingency plan involving establishing a parallel currency as well as distributing coupons to pensioners, the leader said he realised that it was the end and asked him: “Are you serious?”
Lasting Rebuke
Within the book, Tsipras concludes how Varoufakis had proved himself to be “unsuitable for a deal that required intricate and delicate handling.”
Tsipras also wrote that his confrontational approach left him more and more alone among peers, endangered the country, while helped hardliners that were advocating a Greek exit from the euro.
The account of events has provoked fury and stunned disbelief in some quarters, while Varoufakis has kept a conspicuous quiet on the matter.
