Within his newly released memoir, called Ithaki, the former premier Alexis Tsipras does not hold back as he revisits the chaotic era during Greece's debt drama.
An Unconventional Choice
According to the ex-PM's recollections, Tsipras chose that maverick academic Yanis Varoufakis as his treasury head primarily due to his worldwide fame and Varoufakis's highly compelling skills as a communicator.
“In reality, he was, actually, more of a celebrity and less of an economic expert,” stated the 51-year-old.
Conflicting Agendas
Tsipras suggests that Varoufakis had his own agenda that involved promoting Varoufakis's publications and experimenting with his economic models on the nation instead of genuinely advocating its economic stability.
He noted how those negotiations to prevent bankruptcy became “not just a method of achieving a better deal for the country. They were an experiment, a monumental opportunity to prove the truth of Varoufakis's theories.”
High-Stakes Talks
During tense negotiations, the country found itself perilously close to leaving the single currency area.
At stake lay both the country's future and those severe cutbacks required in return for bailout funds from international creditors.
Failed Alternatives
Attempts to find funds elsewhere, including a desperate appeal to the Kremlin to purchase Greek government bonds, went unanswered.
Helping Greece was equivalent to tossing cash into the garbage, Putin reportedly told his Greek counterpart in Moscow.
Referendum and Reversal
In July 2015, the harsh conditions were put to a popular referendum, an action that threw the EU into a further existential crisis.
Although the referendum was carried decisively by those who opposed austerity, Tsipras was forced but to reject its outcome and agree to a bailout package from foreign lenders which proved to be more severe.
Breaking Point
The ex-PM revealed that he began to doubt his finance minister relatively soon.
“He was the public image of negotiation, the man who drew media attention, who appeared on the covers of publications the world over … he gave the impression he was enjoying the spotlight.”
After Varoufakis proposed a backup strategy involving establishing a parallel currency as well as issuing coupons to pensioners, the leader said he realised that it was game over and asked him: “Is this for real?”
Enduring Rebuke
Within the memoir, the author concludes how Varoufakis demonstrated himself to be “unsuitable for an agreement that required intricate and delicate handling.”
He also wrote how Varoufakis's aggressive approach made him increasingly isolated with colleagues, endangered the country, and assisted hawks that were advocating Grexit.
The account of history has provoked fury and shock in some quarters, while the former minister has so far maintained a deafening silence regarding these claims.
