In a recently unveiled personal account, called Ithaki, the ex- prime minister Alexis Tsipras does not hold back while he revisits that turbulent period of Greece's debt drama.
A Controversial Appointment
As per the ex-PM's account, Tsipras selected the maverick academic Yanis Varoufakis to be his finance minister mainly due to his worldwide fame along with his “extremely attractive” skills as a speaker.
“In reality, he was, in reality, more of a personality rather than an economist,” recalled Tsipras.
Conflicting Priorities
The former leader suggests how Varoufakis possessed a personal motives which involved promoting Varoufakis's publications as well as experimenting with his own game theories using the nation instead of truly fighting for the country's economic stability.
Tsipras explained that the negotiations to avoid insolvency were “not only a method to secure improved terms for Greece. They were a test, a monumental chance to prove the validity of Varoufakis's economic theories.”
Critical Negotiations
Amid volatile negotiations, Greece found itself dangerously close to exiting the eurozone.
On the line lay not only the country's future but also those harsh austerity measures demanded in exchange for rescue loans from foreign lenders.
Unsuccessful Alternatives
Efforts to find funds from other sources, such as an urgent appeal to the Kremlin to buy Greek government bonds, fell on stony ground.
Assisting the indebted country was equivalent to throwing money into the garbage, the Russian leader reportedly informed his Greek counterpart during their meeting.
Public Vote and U-Turn
In July 2015, the excoriating bailout terms were subjected to a popular referendum, a move that threw Europe into further crisis of identity.
Even though the referendum was carried resoundingly by voters who opposed austerity, Tsipras had little option but to reject its outcome and negotiate a rescue deal with creditors that turned out to be more severe.
Breaking Point
The ex-PM claimed how he began to doubt Varoufakis relatively soon.
“Varoufakis was the public image of the talks, the figure who attracted publicity, who graced the front pages of publications globally … it seemed he relished the spotlight.”
When the minister outlined a backup strategy that included establishing a secondary currency as well as issuing coupons to retirees, the leader said he realised it was game over and asked him: “Can you be serious?”
Enduring Rebuke
In the memoir, Tsipras concludes that Varoufakis demonstrated himself to be “unsuitable for a deal demanding complex and sensitive management.”
Tsipras further claimed how Varoufakis's confrontational style made him more and more alone with colleagues, put Greece at risk, and helped hawks who were pushing for Grexit.
The account of history has been met with anger and shock in some quarters, while Varoufakis has so far kept a conspicuous quiet on the matter.
