In a freshly published autobiography, titled Ithaki, the ex- prime minister Alexis Tsipras pulls no punches while he reflects on that chaotic period during Greece's economic turmoil.
An Unconventional Choice
As per the ex-PM's recollections, he selected the maverick economist Yanis Varoufakis to be his treasury head mainly because of his worldwide fame and Varoufakis's very persuasive abilities as a public orator.
“He was, truthfully, more like a personality rather than an economist,” recalled the 51-year-old.
Conflicting Agendas
Tsipras suggests that his finance chief possessed his own motives that involved advancing Varoufakis's books as well as testing out his own economic models using the nation rather than genuinely advocating its financial survival.
He noted how the discussions to prevent insolvency were “not only a way to secure a better deal for the country. They became a test, an historic opportunity to demonstrate the truth of Varoufakis's ideas.”
Critical Negotiations
During volatile negotiations, Greece found itself perilously on the brink of exiting the eurozone.
At stake lay not only the country's future but also those harsh austerity measures required in exchange for financial aid from foreign lenders.
Failed Alternatives
Efforts to find funds elsewhere, such as a desperate plea to Russia to buy Greek bonds, went unanswered.
Assisting the indebted country would be tantamount to throwing money in the trash-can, the Russian leader is reputed to have told Tsipras in Moscow.
Public Vote Followed by Reversal
That summer, the punitive bailout terms were put to a popular referendum, a move which threw Europe into deeper crisis of identity.
Even though the referendum was carried resoundingly by voters who opposed austerity, Tsipras was forced but to ignore the result and negotiate a rescue deal from foreign lenders which proved to be more severe.
Breaking Point
Tsipras claimed that he began to doubt Varoufakis quite early on.
“He was the face of negotiation, the figure who attracted publicity, who graced the covers of magazines the world over … he gave the impression he relished his new role.”
After the minister proposed a contingency plan involving creating a secondary currency and issuing vouchers to pensioners, the leader said he realised that it was the end questioning Varoufakis: “Are you serious?”
Lasting Criticism
In the memoir, the author concludes how his former ally had proved himself to be “unfit for an agreement demanding intricate and delicate management.”
Tsipras further wrote that his aggressive style left him increasingly isolated among peers, put Greece at risk, and assisted hawks who were pushing for Grexit.
This retelling of history has provoked fury along with shock among certain groups, while the former minister has kept a conspicuous quiet on the matter.
