In a recently unveiled memoir, called Ithaki, the ex- premier Alexis Tsipras pulls no punches while he reflects on the turbulent era during Greece's economic turmoil.
An Unconventional Choice
According to the ex-PM's version, he chose that unorthodox academic Yanis Varoufakis as his treasury head mainly because of his international reputation and his highly compelling abilities as a speaker.
“In reality, he was, in reality, more of a star and less of an economic expert,” recalled the 51-year-old.
Conflicting Priorities
The former leader claims how his finance chief possessed his own agenda which involved advancing Varoufakis's books and testing out his own game theories on Greece instead of genuinely advocating its economic stability.
Tsipras explained that those discussions to stave off bankruptcy became “not only a way of achieving a better deal for the country. They became a test, a monumental chance to prove the validity of his economic theories.”
High-Stakes Talks
During tense negotiations, Greece found itself perilously close to exiting the single currency area.
On the line lay not only Greece's future but also those harsh cutbacks demanded in return for rescue loans by foreign lenders.
Failed Alternatives
Attempts to secure funds from other sources, including a desperate plea to Russia to buy Greek government bonds, were rejected.
Assisting Greece would be tantamount to tossing cash into the garbage, the Russian leader reportedly informed Tsipras during their meeting.
Public Vote and Reversal
In July 2015, those punitive conditions were put to a public vote, an action that threw the EU into deeper existential crisis.
Although the referendum was won resoundingly by those who opposed austerity, the prime minister had little option but to reject its outcome then agree to a rescue deal with creditors that proved to be even harsher.
Final Straw
Tsipras claimed how he started questioning Varoufakis quite early on.
“Varoufakis was the face of negotiation, the man who attracted publicity, who graced the front pages of magazines the world over … it seemed he relished the spotlight.”
After Varoufakis outlined a backup strategy involving creating a secondary currency and distributing vouchers to retirees, Tsipras said he realised that it was the end questioning him: “Is this for real?”
Lasting Criticism
Within the memoir, the author asserts that Varoufakis had proved himself “unsuitable for an agreement demanding intricate and delicate management.”
Tsipras further claimed that his confrontational approach left him more and more alone with colleagues, put Greece at risk, while helped hardliners who were advocating a Greek exit from the euro.
This account of history has provoked fury along with stunned disbelief among certain groups, whereas the former minister has so far maintained a conspicuous quiet on the matter.
