In a recently unveiled memoir, called Ithaki, the ex- leader Alexis Tsipras does not hold back as he reflects on the chaotic period of Greece's economic turmoil.
A Controversial Choice
As per the ex-PM's recollections, Tsipras chose the maverick academic Yanis Varoufakis to be his treasury head primarily due to the latter's worldwide fame and Varoufakis's very persuasive abilities when it came to public orator.
“In reality, he was, truthfully, more like a star and less of an economist,” recalled Tsipras.
Clashing Agendas
Tsipras alleges that his finance chief had a personal agenda that involved promoting his books and experimenting with his economic models using Greece instead of truly fighting for the country's economic stability.
He noted that the talks to prevent insolvency were “not only a way to secure improved terms for the country. They were an experiment, a monumental chance to prove the validity of his ideas.”
Critical Talks
Amid tense discussions, the country came perilously on the brink of exiting the eurozone.
At stake was not only Greece's future but also the punishing austerity measures required in return for bailout funds from international creditors.
Unsuccessful Options
Attempts to find funds from other sources, such as an urgent appeal to Russia to purchase Greek government bonds, went unanswered.
Assisting the indebted country was equivalent to throwing money in the trash-can, the Russian leader is reputed to have told his Greek counterpart in Moscow.
Public Vote and Reversal
In July 2015, the harsh conditions were subjected to a public vote, an action which plunged Europe into a further crisis of identity.
Although the vote was won decisively by those who opposed the cuts, the prime minister was forced but to reject its outcome then agree to a bailout package from creditors that proved to be tougher.
Breaking Point
The ex-PM claimed that he began to doubt Varoufakis relatively soon.
“He was the face of negotiation, the figure who attracted publicity, who graced the covers of magazines the world over … it seemed he was enjoying the spotlight.”
After the minister proposed a contingency plan involving creating a parallel currency and issuing vouchers to retirees, Tsipras knew that it was game over and asked him: “Are you serious?”
Lasting Rebuke
Within the memoir, the author concludes how Varoufakis had proved himself to be “unsuitable for an agreement demanding intricate and delicate management.”
He further wrote that his confrontational approach left him increasingly isolated among peers, put Greece at risk, and assisted hardliners who were pushing for a Greek exit from the euro.
The account of events has provoked anger and stunned disbelief among certain groups, while Varoufakis has so far kept a conspicuous quiet on the matter.
