In a freshly published memoir, named Ithaki, the former prime minister Alexis Tsipras pulls no punches while he revisits that chaotic era of Greece's debt drama.
A Controversial Choice
In Tsipras's recollections, he appointed the maverick academic Yanis Varoufakis as the finance minister mainly because of the latter's worldwide fame along with his “extremely attractive” skills when it came to speaker.
“In reality, he was, in reality, more of a celebrity rather than an economic expert,” recalled the 51-year-old.
Clashing Agendas
The former leader claims how Varoufakis had his own motives which included promoting his books as well as testing out his own theories on the nation instead of truly fighting for the country's financial survival.
Tsipras wrote that the discussions to prevent insolvency became “not just a way to secure improved terms for Greece. They became a test, an historic chance to demonstrate the validity of his economic theories.”
Critical Talks
During volatile negotiations, Greece found itself dangerously close to leaving the eurozone.
At stake lay not only the country's future but also those harsh austerity measures required in return for bailout funds from international creditors.
Unsuccessful Alternatives
Attempts to secure financing elsewhere, including a desperate appeal to Russia to purchase Greek bonds, went unanswered.
Helping Greece would be equivalent to tossing cash in the trash-can, the Russian leader is reputed to have told his Greek counterpart in Moscow.
Referendum and U-Turn
That summer, those punitive bailout terms were subjected to a popular referendum, a move that plunged the EU into deeper crisis of identity.
Although the vote was won decisively by those against the cuts, the prime minister had little option to reject its outcome then agree to a rescue deal with foreign lenders that proved to be more severe.
Final Straw
Tsipras claimed how he started questioning Varoufakis quite early on.
“He was the face of the talks, the figure who attracted media attention, who graced the covers of publications globally … it seemed he relished his new role.”
After the minister outlined a backup strategy that included creating a secondary currency as well as issuing vouchers to retirees, the leader knew that it was the end and asked Varoufakis: “Is this for real?”
Lasting Rebuke
Within the memoir, Tsipras asserts how his former ally had proved himself to be “unsuitable for a deal that required intricate and delicate management.”
He further claimed how Varoufakis's aggressive style left him increasingly isolated among peers, put Greece at risk, while helped hardliners that were pushing for a Greek exit from the euro.
The retelling of history has provoked fury along with stunned disbelief in some quarters, while the former minister has maintained a deafening silence on the matter.
