In a recently unveiled memoir, titled Ithaki, the former prime minister Alexis Tsipras does not hold back as he reflects on the chaotic period during Greece's debt drama.
A Controversial Choice
As per Tsipras's account, he chose the maverick economist Yanis Varoufakis as the finance minister largely due to his global profile along with Varoufakis's “extremely attractive” skills when it came to speaker.
“In reality, he was, actually, more like a celebrity and less of an economic expert,” wrote Tsipras.
Clashing Priorities
Tsipras claims how his finance chief had his own motives which included advancing his books as well as testing out his game theories on the nation rather than truly fighting for its financial survival.
He wrote how the negotiations to prevent bankruptcy became “not just a way of achieving a better deal for Greece. They became an experiment, a monumental chance to demonstrate the validity of Varoufakis's economic theories.”
Critical Talks
During rollercoaster discussions, the country came dangerously close to leaving the single currency area.
On the line lay not only the country's future and the severe cutbacks demanded in return for bailout funds by foreign lenders.
Failed Options
Efforts to secure financing elsewhere, such as an urgent appeal to Russia to buy Greek bonds, fell on stony ground.
Helping the indebted country was equivalent to tossing cash into the garbage, the Russian leader is reputed to have informed Tsipras during their meeting.
Public Vote Followed by Reversal
That summer, those harsh bailout terms were subjected to a popular referendum, an action that threw Europe into a deeper crisis of identity.
Even though the vote was carried decisively by those who opposed the cuts, Tsipras had little option but to reject its outcome and agree to a rescue deal with creditors that turned out to be even harsher.
Final Straw
Tsipras claimed that he started questioning Varoufakis quite early on.
“He was the public image of negotiation, the man who attracted media attention, who appeared on the front pages of magazines the world over … he gave the impression he relished the spotlight.”
When Varoufakis outlined a backup strategy that included creating a parallel currency as well as issuing vouchers to retirees, Tsipras knew it was game over questioning him: “Are you serious?”
Enduring Rebuke
Within the book, the author asserts that Varoufakis demonstrated himself “unfit for an agreement demanding intricate and delicate handling.”
Tsipras further wrote that Varoufakis's confrontational style left him more and more alone with colleagues, put Greece at risk, and helped hawks who were advocating a Greek exit from the euro.
The retelling of history has provoked anger and stunned disbelief in some quarters, whereas Varoufakis has so far maintained a deafening silence regarding these claims.
