Within his recently unveiled memoir, called Ithaki, the former leader Alexis Tsipras pulls no punches as he examines the turbulent era during Greece's debt drama.
An Unconventional Appointment
As per the ex-PM's recollections, Tsipras selected that maverick economist Yanis Varoufakis as his treasury head primarily due to his global profile along with his highly compelling abilities when it came to speaker.
“In reality, he was, actually, more of a personality and less of an economic expert,” stated the 51-year-old.
Conflicting Priorities
Tsipras alleges how his finance chief possessed his own motives that involved advancing his books and experimenting with his own economic models using the nation rather than genuinely advocating the country's financial survival.
He explained how those negotiations to stave off insolvency became “not just a method of achieving improved terms for the country. They were an experiment, a monumental opportunity to prove the truth of Varoufakis's ideas.”
High-Stakes Talks
Amid rollercoaster negotiations, the country found itself dangerously on the brink of leaving the single currency area.
At stake lay not only Greece's destiny but also the punishing cutbacks required in return for financial aid from international creditors.
Unsuccessful Alternatives
Attempts to secure funds elsewhere, such as a desperate plea to the Kremlin to buy Greek government bonds, went unanswered.
Assisting Greece would be equivalent to tossing cash in the trash-can, the Russian leader is reputed to have told his Greek counterpart in Moscow.
Referendum Followed by U-Turn
In July 2015, those harsh conditions were subjected to a public vote, a move that threw the EU into a deeper crisis of identity.
Even though the referendum was carried decisively by those against the cuts, the prime minister was forced to reject its outcome then negotiate a rescue deal with foreign lenders which proved to be more severe.
Breaking Point
Tsipras claimed that he started questioning Varoufakis quite early on.
“He was the face of negotiation, the figure who attracted publicity, who graced the front pages of publications globally … it seemed he relished the spotlight.”
After Varoufakis proposed a backup strategy involving establishing a parallel currency as well as issuing vouchers to pensioners, Tsipras knew that it was the end questioning him: “Can you be serious?”
Enduring Criticism
In the memoir, Tsipras concludes how his former ally demonstrated himself “unsuitable for a deal demanding complex and sensitive handling.”
He further wrote that his confrontational approach left him increasingly isolated with colleagues, endangered the country, while helped hawks that were pushing for Grexit.
The account of events has been met with anger and shock in some quarters, while Varoufakis has so far maintained a deafening silence on the matter.
