In a recently unveiled autobiography, called Ithaki, the former prime minister Alexis Tsipras pulls no punches as he revisits that chaotic period during Greece's economic turmoil.
A Controversial Choice
As per the ex-PM's recollections, he chose that maverick economist Yanis Varoufakis to be his treasury head primarily because of the latter's worldwide fame and Varoufakis's highly compelling abilities when it came to communicator.
“In reality, he was, actually, more of a personality and less of an economist,” recalled the 51-year-old.
Conflicting Agendas
The former leader claims how Varoufakis had a personal motives which included promoting his publications as well as testing out his theories using the nation instead of genuinely advocating the country's financial survival.
He noted how the talks to stave off bankruptcy were “not only a method of achieving a better deal for Greece. They became an experiment, a monumental chance to prove the truth of Varoufakis's economic theories.”
High-Stakes Negotiations
During volatile negotiations, the country came perilously close to leaving the single currency area.
On the line was not only Greece's destiny and those harsh austerity measures demanded in return for rescue loans by foreign lenders.
Unsuccessful Options
Attempts to secure financing from other sources, such as a desperate plea to the Kremlin to buy Greek bonds, fell on stony ground.
Assisting Greece was tantamount to tossing cash into the garbage, Putin reportedly told his Greek counterpart during their meeting.
Public Vote and Reversal
That summer, those excoriating bailout terms were subjected to a public vote, a move which plunged the EU into further existential crisis.
Although the vote was carried decisively by voters against the cuts, the prime minister had little option but to ignore the result and negotiate a bailout package from foreign lenders which turned out to be tougher.
Breaking Point
The ex-PM revealed how he began to doubt Varoufakis quite early on.
“Varoufakis was the public image of the talks, the man who attracted media attention, who appeared on the covers of magazines the world over … it seemed he was enjoying his new role.”
When the minister outlined a contingency plan involving establishing a parallel currency and distributing vouchers to retirees, Tsipras knew that it was game over and asked Varoufakis: “Are you serious?”
Lasting Criticism
In the book, Tsipras concludes how his former ally had proved himself to be “unsuitable for a deal that required complex and delicate management.”
Tsipras further claimed that his aggressive style made him increasingly isolated among peers, put Greece at risk, while helped hawks who were advocating Grexit.
The retelling of events has provoked fury and stunned disbelief among certain groups, whereas Varoufakis has so far kept a conspicuous quiet regarding these claims.
