In a newly released personal account, titled Ithaki, the former prime minister Alexis Tsipras spares no criticism as he examines that turbulent period during Greece's debt drama.
A Controversial Appointment
As per the ex-PM's recollections, Tsipras appointed the unorthodox academic Yanis Varoufakis as the treasury head mainly because of the latter's global profile and his very persuasive abilities when it came to communicator.
“In reality, he was, in reality, more of a personality rather than an economist,” recalled the 51-year-old.
Clashing Priorities
The former leader claims how his finance chief had his own motives that involved promoting Varoufakis's publications as well as experimenting with his own theories using the nation instead of genuinely advocating its economic stability.
Tsipras noted that those talks to stave off bankruptcy were “not only a way of achieving a better deal for the country. They were a test, an historic opportunity to prove the validity of Varoufakis's ideas.”
High-Stakes Negotiations
During rollercoaster negotiations, Greece found itself perilously close to leaving the eurozone.
On the line was both Greece's future but also those severe cutbacks required in return for bailout funds by international creditors.
Unsuccessful Alternatives
Attempts to secure funds from other sources, including a desperate plea to Russia to purchase Greek bonds, were rejected.
Helping Greece was equivalent to tossing cash in the trash-can, Putin is reputed to have told his Greek counterpart during their meeting.
Referendum Followed by U-Turn
That summer, those punitive conditions were subjected to a popular referendum, an action which threw Europe into a deeper crisis of identity.
Even though the vote was won decisively by voters against the cuts, Tsipras was forced but to reject its outcome and negotiate a bailout package from creditors which turned out to be even harsher.
Breaking Point
The ex-PM claimed how he began to doubt Varoufakis relatively soon.
“He was the face of negotiation, the figure who attracted publicity, who appeared on the covers of publications globally … he gave the impression he relished the spotlight.”
When Varoufakis proposed a contingency plan involving establishing a parallel currency and issuing vouchers to pensioners, Tsipras knew that it was game over and asked him: “Can you be serious?”
Enduring Criticism
Within the memoir, Tsipras asserts how his former ally demonstrated himself to be “unfit for an agreement that required intricate and delicate management.”
He also wrote how his confrontational style made him increasingly isolated among peers, endangered the country, and helped hardliners who were advocating a Greek exit from the euro.
The retelling of history has provoked fury and stunned disbelief among certain groups, while Varoufakis has so far kept a deafening silence on the matter.
