In a recently unveiled personal account, called Ithaki, the former prime minister Alexis Tsipras does not hold back while he examines that turbulent era during Greece's debt drama.
A Controversial Choice
As per the ex-PM's recollections, Tsipras chose that unorthodox academic Yanis Varoufakis to be his treasury head mainly because of his international reputation along with his very persuasive abilities when it came to public orator.
“He was, truthfully, more of a celebrity and less of an economic expert,” recalled the 51-year-old.
Conflicting Priorities
The former leader alleges that his finance chief possessed a personal agenda that included promoting his publications as well as experimenting with his own theories using Greece rather than genuinely fighting for the country's financial survival.
Tsipras wrote how the talks to stave off bankruptcy became “not just a method of achieving a better deal for the country. They were a test, an historic opportunity to demonstrate the truth of his theories.”
High-Stakes Negotiations
During tense negotiations, Greece came perilously close to exiting the single currency area.
On the line was both the country's destiny and those punishing cutbacks demanded in exchange for bailout funds by foreign lenders.
Failed Options
Attempts to secure financing elsewhere, including an urgent plea to the Kremlin to buy Greek government bonds, went unanswered.
Helping the indebted country was tantamount to tossing cash in the trash-can, Putin is reputed to have told his Greek counterpart in Moscow.
Public Vote and U-Turn
In July 2015, the punitive bailout terms were subjected to a public vote, an action that plunged Europe into further crisis of identity.
Even though the vote was carried resoundingly by voters who opposed the cuts, the prime minister was forced but to reject its outcome and negotiate a rescue deal with foreign lenders that turned out to be even harsher.
Final Straw
Tsipras revealed how he started questioning his finance minister quite early on.
“He was the public image of the talks, the man who drew media attention, who graced the covers of publications the world over … he gave the impression he relished the spotlight.”
When the minister outlined a contingency plan that included establishing a parallel currency as well as distributing coupons to pensioners, the leader knew that it was game over questioning him: “Is this for real?”
Lasting Rebuke
In the memoir, Tsipras concludes how Varoufakis had proved himself to be “unfit for an agreement demanding intricate and delicate management.”
Tsipras also claimed how Varoufakis's confrontational approach made him increasingly isolated among peers, endangered the country, and assisted hawks who were advocating Grexit.
This account of history has provoked anger and shock in some quarters, whereas Varoufakis has kept a deafening silence on the matter.
