In a recently unveiled memoir, called Ithaki, the ex- premier Alexis Tsipras pulls no punches while he revisits that chaotic era during Greece's debt drama.
A Controversial Appointment
As per Tsipras's version, Tsipras selected that unorthodox academic Yanis Varoufakis to be his finance minister primarily because of the latter's global profile along with his very persuasive abilities when it came to speaker.
“In reality, he was, actually, more like a celebrity and less of an economist,” recalled the 51-year-old.
Clashing Agendas
The former leader claims how Varoufakis had his own motives that included advancing his publications and testing out his own game theories on Greece instead of genuinely fighting for its financial survival.
He wrote how the discussions to stave off bankruptcy were “not just a method of achieving a better deal for Greece. They were a test, an historic chance to prove the truth of his economic theories.”
Critical Talks
Amid tense discussions, Greece found itself dangerously on the brink of exiting the single currency area.
At stake was not only Greece's future and the punishing cutbacks required in return for rescue loans by foreign lenders.
Unsuccessful Alternatives
Efforts to secure funds from other sources, including a desperate appeal to Russia to buy Greek bonds, fell on stony ground.
Helping Greece would be equivalent to tossing cash into the garbage, the Russian leader is reputed to have told Tsipras in Moscow.
Public Vote and U-Turn
In July 2015, those harsh bailout terms were subjected to a public vote, an action which plunged Europe into a deeper existential crisis.
Even though the referendum was won decisively by voters who opposed the cuts, Tsipras was forced but to reject its outcome and negotiate a bailout package from creditors that turned out to be more severe.
Breaking Point
Tsipras revealed how he began to doubt Varoufakis quite early on.
“He was the public image of negotiation, the figure who attracted media attention, who appeared on the front pages of publications globally … he gave the impression he relished the spotlight.”
After Varoufakis proposed a contingency plan involving establishing a secondary currency as well as issuing vouchers to retirees, the leader said he realised that it was game over and asked him: “Are you serious?”
Enduring Criticism
In the memoir, the author concludes how Varoufakis demonstrated himself “unfit for an agreement demanding intricate and delicate handling.”
Tsipras further wrote that Varoufakis's aggressive approach left him increasingly isolated among peers, put Greece at risk, and assisted hardliners that were advocating a Greek exit from the euro.
This account of history has provoked fury along with stunned disbelief in some quarters, while the former minister has so far maintained a deafening silence on the matter.
