In a freshly published personal account, called Ithaki, the ex- premier Alexis Tsipras does not hold back while he revisits that chaotic period of Greece's economic turmoil.
An Unconventional Appointment
As per the ex-PM's account, he appointed the maverick academic Yanis Varoufakis as the treasury head mainly because of his worldwide fame and Varoufakis's very persuasive abilities when it came to public orator.
“In reality, he was, truthfully, more of a celebrity and less of an economist,” wrote the 51-year-old.
Conflicting Priorities
The former leader claims that Varoufakis possessed his own motives that involved advancing his publications and experimenting with his theories on the nation instead of truly fighting for its economic stability.
Tsipras wrote how those negotiations to prevent insolvency were “not only a method to secure a better deal for the country. They became a test, an historic chance to prove the truth of Varoufakis's theories.”
Critical Negotiations
During volatile discussions, the country came dangerously close to exiting the single currency area.
At stake lay not only Greece's destiny but also those punishing austerity measures required in exchange for rescue loans from international creditors.
Unsuccessful Options
Efforts to secure funds from other sources, including a desperate plea to Russia to purchase Greek government bonds, fell on stony ground.
Helping the indebted country would be tantamount to tossing cash in the trash-can, Putin is reputed to have informed his Greek counterpart during their meeting.
Referendum Followed by Reversal
In July 2015, the excoriating conditions were put to a public vote, an action that plunged Europe into further crisis of identity.
Although the referendum was won decisively by those who opposed austerity, Tsipras was forced to reject its outcome and negotiate a rescue deal with foreign lenders which proved to be even harsher.
Breaking Point
Tsipras claimed how he started questioning Varoufakis relatively soon.
“Varoufakis was the face of the talks, the man who drew publicity, who graced the front pages of magazines the world over … it seemed he relished his new role.”
After the minister outlined a backup strategy that included creating a secondary currency and issuing coupons to pensioners, Tsipras knew that it was game over and asked Varoufakis: “Can you be serious?”
Enduring Rebuke
In the book, Tsipras asserts how Varoufakis had proved himself to be “unsuitable for a deal that required complex and sensitive management.”
He also claimed that his aggressive style left him more and more alone with colleagues, endangered the country, and helped hawks who were advocating a Greek exit from the euro.
This account of events has provoked anger and stunned disbelief among certain groups, whereas Varoufakis has so far kept a deafening silence on the matter.
