Within his freshly published memoir, titled Ithaki, the ex- prime minister Alexis Tsipras pulls no punches while he reflects on the chaotic era during Greece's debt drama.
A Controversial Choice
As per the ex-PM's account, he selected that maverick economist Yanis Varoufakis as the finance minister mainly due to his global profile and his very persuasive abilities as a public orator.
“In reality, he was, truthfully, more like a star and less of an economic expert,” wrote the 51-year-old.
Conflicting Agendas
The former leader suggests that his finance chief had a personal motives that involved promoting his books and testing out his economic models using the nation rather than truly fighting for the country's financial survival.
Tsipras explained how the negotiations to prevent insolvency became “not just a way of achieving a better deal for the country. They were an experiment, an historic chance to prove the truth of Varoufakis's economic theories.”
Critical Negotiations
Amid rollercoaster discussions, the country came perilously close to leaving the eurozone.
At stake lay both Greece's destiny and those harsh cutbacks demanded in return for rescue loans by foreign lenders.
Unsuccessful Options
Efforts to find financing from other sources, such as a desperate plea to Russia to purchase Greek government bonds, were rejected.
Helping Greece would be equivalent to tossing cash in the trash-can, the Russian leader is reputed to have informed Tsipras in Moscow.
Referendum and U-Turn
In July 2015, those punitive bailout terms were put to a public vote, a move that plunged the EU into further crisis of identity.
Although the vote was carried resoundingly by those against the cuts, Tsipras was forced to ignore the result and agree to a bailout package with foreign lenders which proved to be tougher.
Breaking Point
Tsipras revealed how he started questioning Varoufakis relatively soon.
“He was the face of the talks, the figure who drew publicity, who graced the covers of magazines the world over … it seemed he was enjoying the spotlight.”
When Varoufakis proposed a backup strategy that included creating a secondary currency and issuing vouchers to pensioners, the leader knew it was the end and asked Varoufakis: “Can you be serious?”
Lasting Rebuke
In the book, the author asserts how his former ally demonstrated himself “unsuitable for an agreement demanding intricate and sensitive handling.”
Tsipras also claimed how Varoufakis's confrontational style made him increasingly isolated with colleagues, put Greece at risk, while helped hardliners who were pushing for Grexit.
The account of history has been met with anger along with shock in some quarters, whereas Varoufakis has so far maintained a conspicuous quiet regarding these claims.
