In a recently unveiled personal account, called Ithaki, the former prime minister Alexis Tsipras does not hold back as he reflects on that chaotic era during Greece's economic turmoil.
An Unconventional Appointment
In the ex-PM's account, Tsipras selected that maverick economist Yanis Varoufakis to be his treasury head primarily due to his global profile and his “extremely attractive” abilities when it came to communicator.
“In reality, he was, truthfully, more like a personality rather than an economist,” stated Tsipras.
Conflicting Agendas
Tsipras suggests how his finance chief had a personal motives that included advancing his books and testing out his own theories on Greece instead of genuinely advocating its economic stability.
He explained that those discussions to avoid bankruptcy were “not only a way of achieving improved terms for the country. They became a test, a monumental chance to demonstrate the truth of Varoufakis's ideas.”
High-Stakes Negotiations
Amid volatile negotiations, the country came perilously on the brink of leaving the single currency area.
On the line was not only Greece's future and those harsh austerity policies demanded in return for financial aid from international creditors.
Unsuccessful Alternatives
Efforts to find financing from other sources, including a desperate appeal to Russia to purchase Greek bonds, fell on stony ground.
Assisting Greece would be tantamount to throwing money in the trash-can, Putin reportedly told Tsipras in Moscow.
Public Vote Followed by U-Turn
That summer, those harsh bailout terms were put to a public vote, an action that plunged the EU into further existential crisis.
Although the referendum was won decisively by those who opposed austerity, Tsipras was forced to ignore the result then agree to a bailout package with foreign lenders that proved to be tougher.
Breaking Point
Tsipras revealed that he began to doubt his finance minister relatively soon.
“He was the face of negotiation, the man who drew publicity, who graced the front pages of magazines the world over … he gave the impression he relished his new role.”
When Varoufakis proposed a contingency plan involving creating a parallel currency as well as distributing coupons to pensioners, the leader knew it was the end questioning Varoufakis: “Can you be serious?”
Enduring Rebuke
In the memoir, the author asserts how his former ally demonstrated himself “unfit for a deal demanding intricate and delicate management.”
He also wrote how his confrontational approach left him increasingly isolated among peers, endangered the country, and helped hardliners that were pushing for a Greek exit from the euro.
This account of history has been met with fury and shock among certain groups, while the former minister has kept a conspicuous quiet regarding these claims.
