Within his newly released memoir, named Ithaki, the former premier Alexis Tsipras does not hold back as he reflects on that turbulent era of Greece's economic turmoil.
An Unconventional Appointment
According to the ex-PM's version, he appointed that unorthodox academic Yanis Varoufakis as the treasury head largely due to the latter's global profile along with his “extremely attractive” skills when it came to public orator.
“In reality, he was, actually, more of a star and less of an economist,” stated Tsipras.
Conflicting Priorities
The former leader alleges how Varoufakis had a personal agenda that involved promoting his books and testing out his own theories using the nation rather than genuinely advocating the country's economic stability.
He noted that those discussions to avoid bankruptcy became “not just a way of achieving a better deal for the country. They became a test, a monumental chance to demonstrate the validity of his ideas.”
High-Stakes Talks
Amid tense negotiations, the country came perilously close to leaving the single currency area.
On the line was not only Greece's future but also those harsh cutbacks required in exchange for bailout funds from foreign lenders.
Unsuccessful Options
Attempts to find financing from other sources, such as a desperate appeal to the Kremlin to buy Greek government bonds, went unanswered.
Helping the indebted country was equivalent to throwing money in the trash-can, the Russian leader reportedly told Tsipras in Moscow.
Public Vote Followed by U-Turn
In July 2015, the punitive bailout terms were put to a popular referendum, a move which plunged the EU into a deeper crisis of identity.
Even though the referendum was carried decisively by voters who opposed austerity, Tsipras was forced but to reject its outcome then agree to a bailout package from creditors which turned out to be even harsher.
Final Straw
The ex-PM claimed how he began to doubt Varoufakis relatively soon.
“Varoufakis was the face of negotiation, the figure who drew media attention, who graced the covers of magazines the world over … he gave the impression he was enjoying the spotlight.”
When Varoufakis outlined a backup strategy involving creating a parallel currency as well as issuing vouchers to pensioners, Tsipras said he realised that it was game over and asked him: “Is this for real?”
Lasting Criticism
In the memoir, Tsipras asserts that Varoufakis demonstrated himself to be “unfit for a deal that required intricate and sensitive handling.”
Tsipras further wrote how Varoufakis's aggressive approach left him increasingly isolated among peers, endangered the country, and assisted hardliners that were advocating a Greek exit from the euro.
This retelling of history has been met with anger and stunned disbelief among certain groups, whereas Varoufakis has kept a conspicuous quiet on the matter.
