Within his recently unveiled personal account, titled Ithaki, the former leader Alexis Tsipras pulls no punches while he revisits the chaotic period of Greece's debt drama.
An Unconventional Appointment
According to Tsipras's recollections, he chose that maverick academic Yanis Varoufakis as the treasury head largely because of the latter's international reputation and Varoufakis's highly compelling abilities when it came to speaker.
“He was, truthfully, more like a celebrity and less of an economist,” recalled the 51-year-old.
Conflicting Agendas
Tsipras suggests how his finance chief had his own motives that involved advancing Varoufakis's publications as well as experimenting with his own economic models using Greece instead of truly fighting for its economic stability.
He noted how those negotiations to stave off bankruptcy were “not just a way to secure a better deal for the country. They became a test, a monumental chance to demonstrate the validity of Varoufakis's economic theories.”
Critical Negotiations
Amid volatile discussions, Greece found itself dangerously close to exiting the eurozone.
At stake was both the country's future and the punishing austerity policies required in return for bailout funds from foreign lenders.
Unsuccessful Alternatives
Efforts to find funds from other sources, such as a desperate plea to Russia to buy Greek government bonds, fell on stony ground.
Helping Greece would be tantamount to throwing money in the trash-can, the Russian leader is reputed to have told his Greek counterpart in Moscow.
Referendum Followed by U-Turn
In July 2015, the excoriating bailout terms were subjected to a public vote, a move which plunged the EU into a deeper crisis of identity.
Even though the vote was carried decisively by those against the cuts, Tsipras had little option but to ignore the result then negotiate a bailout package from foreign lenders which proved to be tougher.
Final Straw
The ex-PM claimed how he began to doubt his finance minister relatively soon.
“Varoufakis was the face of negotiation, the figure who drew media attention, who appeared on the covers of publications globally … it seemed he relished the spotlight.”
After Varoufakis outlined a contingency plan involving establishing a secondary currency and issuing coupons to pensioners, the leader said he realised it was game over questioning Varoufakis: “Is this for real?”
Enduring Rebuke
In the book, Tsipras concludes how Varoufakis demonstrated himself “unsuitable for an agreement demanding intricate and sensitive management.”
He also claimed that his confrontational approach made him more and more alone among peers, endangered the country, and helped hawks that were pushing for a Greek exit from the euro.
The account of history has been met with anger and shock in some quarters, whereas the former minister has so far kept a deafening silence regarding these claims.
