In a recently unveiled autobiography, titled Ithaki, the ex- prime minister Alexis Tsipras pulls no punches while he examines the chaotic period of Greece's economic turmoil.
An Unconventional Choice
As per the ex-PM's version, Tsipras chose the unorthodox academic Yanis Varoufakis to be the treasury head largely due to the latter's worldwide fame along with his “extremely attractive” skills as a speaker.
“He was, actually, more of a personality rather than an economist,” wrote the 51-year-old.
Conflicting Agendas
Tsipras alleges that his finance chief possessed his own motives that involved promoting Varoufakis's publications as well as testing out his economic models on Greece rather than truly fighting for the country's financial survival.
Tsipras noted that the talks to stave off insolvency became “not only a way to secure improved terms for Greece. They became a test, an historic opportunity to demonstrate the validity of his theories.”
Critical Talks
Amid rollercoaster negotiations, the country came perilously on the brink of exiting the single currency area.
On the line was both the country's future but also those punishing cutbacks demanded in return for rescue loans from foreign lenders.
Failed Alternatives
Efforts to find financing elsewhere, such as an urgent appeal to the Kremlin to purchase Greek bonds, went unanswered.
Assisting Greece would be tantamount to tossing cash into the garbage, the Russian leader is reputed to have informed Tsipras in Moscow.
Referendum and U-Turn
That summer, the excoriating conditions were put to a popular referendum, a move that plunged the EU into deeper crisis of identity.
Although the referendum was won resoundingly by those against the cuts, Tsipras was forced but to reject its outcome and agree to a bailout package with creditors that proved to be even harsher.
Final Straw
Tsipras claimed how he started questioning his finance minister quite early on.
“He was the public image of the talks, the man who drew publicity, who appeared on the front pages of magazines the world over … it seemed he relished his new role.”
When the minister proposed a backup strategy that included establishing a parallel currency and issuing vouchers to retirees, the leader said he realised that it was game over and asked Varoufakis: “Are you serious?”
Lasting Rebuke
Within the memoir, Tsipras asserts how Varoufakis had proved himself to be “unfit for an agreement that required intricate and delicate management.”
He further wrote that his confrontational approach left him increasingly isolated with colleagues, endangered the country, and helped hardliners who were pushing for a Greek exit from the euro.
The retelling of events has been met with anger along with shock in some quarters, while Varoufakis has kept a deafening silence on the matter.
