In a recently unveiled autobiography, named Ithaki, the former leader Alexis Tsipras spares no criticism as he revisits that turbulent era of Greece's debt drama.
A Controversial Choice
In Tsipras's recollections, Tsipras chose that maverick academic Yanis Varoufakis to be his finance minister primarily because of his worldwide fame along with his highly compelling abilities as a communicator.
“In reality, he was, in reality, more like a celebrity and less of an economic expert,” recalled the 51-year-old.
Clashing Agendas
The former leader suggests that his finance chief had his own motives which included advancing Varoufakis's publications and experimenting with his own theories using the nation rather than genuinely fighting for the country's financial survival.
He explained that the negotiations to stave off insolvency became “not just a way of achieving improved terms for Greece. They became an experiment, an historic opportunity to demonstrate the validity of Varoufakis's ideas.”
High-Stakes Talks
Amid rollercoaster negotiations, the country found itself perilously close to exiting the single currency area.
At stake lay not only Greece's destiny and those harsh cutbacks demanded in return for bailout funds from foreign lenders.
Failed Alternatives
Efforts to secure financing from other sources, including a desperate plea to Russia to buy Greek government bonds, went unanswered.
Helping the indebted country would be equivalent to tossing cash into the garbage, Putin reportedly informed his Greek counterpart during their meeting.
Public Vote Followed by U-Turn
In July 2015, the excoriating bailout terms were subjected to a public vote, an action which plunged Europe into further crisis of identity.
Although the referendum was carried decisively by those who opposed austerity, the prime minister was forced to reject its outcome and negotiate a bailout package from creditors that turned out to be tougher.
Final Straw
Tsipras revealed how he started questioning Varoufakis quite early on.
“Varoufakis was the public image of the talks, the figure who attracted publicity, who graced the front pages of publications globally … he gave the impression he relished his new role.”
When the minister outlined a backup strategy involving establishing a parallel currency and issuing coupons to retirees, Tsipras said he realised it was game over questioning Varoufakis: “Are you serious?”
Enduring Rebuke
Within the memoir, the author asserts that Varoufakis had proved himself “unfit for an agreement that required intricate and sensitive handling.”
Tsipras also wrote that Varoufakis's confrontational approach made him more and more alone with colleagues, endangered the country, and helped hawks that were advocating a Greek exit from the euro.
The retelling of events has provoked fury along with stunned disbelief among certain groups, while the former minister has so far maintained a conspicuous quiet on the matter.
