In a recently unveiled memoir, called Ithaki, the former prime minister Alexis Tsipras does not hold back while he examines that turbulent era during Greece's financial crisis.
An Unconventional Choice
As per the ex-PM's recollections, he appointed the unorthodox economist Yanis Varoufakis as his treasury head primarily due to the latter's international reputation along with his “extremely attractive” skills when it came to public orator.
“He was, actually, more like a celebrity rather than an economist,” stated Tsipras.
Conflicting Priorities
The former leader claims how Varoufakis possessed a personal motives that involved advancing his publications as well as experimenting with his economic models using Greece instead of genuinely fighting for the country's economic stability.
He wrote that the talks to avoid bankruptcy were “not only a method of achieving improved terms for Greece. They became an experiment, a monumental opportunity to prove the truth of his ideas.”
Critical Negotiations
During volatile negotiations, Greece came perilously close to leaving the eurozone.
On the line lay both Greece's future and the severe austerity policies required in return for financial aid by foreign lenders.
Unsuccessful Options
Attempts to find financing elsewhere, such as a desperate appeal to the Kremlin to buy Greek government bonds, went unanswered.
Assisting the indebted country was equivalent to tossing cash into the garbage, Putin is reputed to have informed his Greek counterpart in Moscow.
Referendum Followed by U-Turn
That summer, the punitive bailout terms were subjected to a popular referendum, an action which threw the EU into a deeper crisis of identity.
Even though the vote was carried resoundingly by those who opposed austerity, Tsipras was forced but to ignore the result then negotiate a rescue deal with creditors which proved to be tougher.
Final Straw
The ex-PM claimed how he started questioning Varoufakis relatively soon.
“Varoufakis was the face of negotiation, the man who attracted publicity, who appeared on the covers of publications globally … he gave the impression he was enjoying the spotlight.”
After Varoufakis outlined a contingency plan that included creating a parallel currency and issuing coupons to retirees, Tsipras said he realised it was the end questioning him: “Are you serious?”
Lasting Rebuke
Within the book, Tsipras asserts how his former ally demonstrated himself to be “unsuitable for a deal that required intricate and delicate management.”
Tsipras also wrote that his aggressive style made him more and more alone with colleagues, put Greece at risk, while assisted hardliners who were pushing for a Greek exit from the euro.
The retelling of events has provoked anger and stunned disbelief among certain groups, whereas the former minister has so far kept a deafening silence on the matter.
