Within his recently unveiled personal account, titled Ithaki, the former leader Alexis Tsipras does not hold back while he reflects on the turbulent period during Greece's economic turmoil.
A Controversial Appointment
As per the ex-PM's account, he selected the unorthodox economist Yanis Varoufakis to be the treasury head mainly because of his global profile along with his highly compelling skills when it came to communicator.
“In reality, he was, actually, more like a celebrity and less of an economist,” recalled Tsipras.
Conflicting Priorities
Tsipras alleges that Varoufakis possessed his own motives which involved promoting his books as well as experimenting with his own theories on the nation rather than truly fighting for the country's financial survival.
He explained how the talks to prevent insolvency became “not just a method of achieving a better deal for the country. They were an experiment, a monumental opportunity to demonstrate the truth of his ideas.”
Critical Negotiations
Amid tense discussions, Greece came perilously on the brink of leaving the single currency area.
At stake was not only Greece's destiny and those severe austerity policies demanded in exchange for rescue loans from international creditors.
Failed Alternatives
Efforts to secure financing from other sources, such as an urgent appeal to Russia to buy Greek bonds, were rejected.
Assisting Greece would be equivalent to tossing cash in the trash-can, Putin reportedly told Tsipras in Moscow.
Public Vote Followed by Reversal
That summer, those excoriating bailout terms were put to a public vote, a move which plunged the EU into deeper existential crisis.
Although the referendum was won decisively by those against austerity, Tsipras had little option to ignore the result and agree to a bailout package with foreign lenders which turned out to be even harsher.
Final Straw
The ex-PM revealed how he started questioning Varoufakis quite early on.
“He was the face of the talks, the figure who attracted media attention, who graced the front pages of publications globally … it seemed he was enjoying the spotlight.”
When the minister proposed a contingency plan that included creating a parallel currency as well as distributing vouchers to retirees, Tsipras said he realised it was game over questioning him: “Can you be serious?”
Lasting Criticism
Within the memoir, Tsipras concludes how Varoufakis demonstrated himself to be “unsuitable for a deal that required complex and delicate handling.”
He further wrote how Varoufakis's aggressive approach made him more and more alone among peers, put Greece at risk, and helped hardliners that were advocating a Greek exit from the euro.
This account of events has provoked anger and shock among certain groups, while Varoufakis has kept a conspicuous quiet regarding these claims.
