In a newly released memoir, named Ithaki, the former prime minister Alexis Tsipras does not hold back as he revisits that chaotic period during Greece's debt drama.
An Unconventional Appointment
In the ex-PM's account, he chose the unorthodox academic Yanis Varoufakis as the finance minister mainly because of the latter's global profile and Varoufakis's “extremely attractive” abilities as a communicator.
“He was, truthfully, more of a star rather than an economic expert,” wrote Tsipras.
Conflicting Agendas
Tsipras claims that Varoufakis possessed a personal motives that involved promoting his books as well as testing out his own economic models on the nation rather than truly fighting for the country's economic stability.
He explained how the talks to stave off insolvency were “not just a method of achieving improved terms for the country. They became a test, a monumental chance to prove the truth of his economic theories.”
High-Stakes Talks
Amid tense discussions, Greece came perilously on the brink of leaving the eurozone.
On the line was not only Greece's future and those harsh cutbacks demanded in exchange for financial aid from foreign lenders.
Unsuccessful Options
Attempts to secure funds elsewhere, including an urgent plea to the Kremlin to purchase Greek bonds, were rejected.
Assisting the indebted country was tantamount to tossing cash into the garbage, Putin reportedly informed his Greek counterpart in Moscow.
Public Vote and Reversal
That summer, those excoriating conditions were subjected to a public vote, a move which threw the EU into a deeper crisis of identity.
Even though the vote was won decisively by voters against the cuts, the prime minister was forced but to reject its outcome then agree to a bailout package with creditors that proved to be tougher.
Breaking Point
The ex-PM revealed how he started questioning Varoufakis quite early on.
“He was the face of negotiation, the figure who drew media attention, who graced the front pages of magazines globally … he gave the impression he relished his new role.”
After Varoufakis proposed a backup strategy involving establishing a parallel currency as well as issuing coupons to retirees, Tsipras knew that it was the end and asked Varoufakis: “Can you be serious?”
Lasting Criticism
In the memoir, Tsipras concludes that Varoufakis had proved himself to be “unfit for an agreement demanding complex and sensitive handling.”
He further wrote how his confrontational approach made him increasingly isolated among peers, endangered the country, while assisted hawks who were pushing for a Greek exit from the euro.
The account of events has provoked fury along with stunned disbelief in some quarters, whereas Varoufakis has kept a deafening silence on the matter.
