Within his recently unveiled personal account, titled Ithaki, the ex- premier Alexis Tsipras spares no criticism while he examines that chaotic period of Greece's debt drama.
An Unconventional Appointment
As per Tsipras's version, he chose that maverick economist Yanis Varoufakis as his finance minister mainly because of his international reputation along with his “extremely attractive” abilities as a communicator.
“In reality, he was, in reality, more of a personality rather than an economist,” wrote the 51-year-old.
Clashing Priorities
The former leader claims that his finance chief had a personal agenda which included advancing his publications and experimenting with his own game theories using Greece rather than genuinely fighting for its financial survival.
Tsipras wrote that those talks to stave off bankruptcy were “not only a way to secure improved terms for the country. They became a test, a monumental chance to prove the validity of Varoufakis's theories.”
Critical Talks
During tense discussions, Greece found itself perilously on the brink of exiting the single currency area.
At stake lay both Greece's destiny but also the punishing cutbacks required in exchange for rescue loans from foreign lenders.
Unsuccessful Alternatives
Efforts to find financing from other sources, such as an urgent appeal to the Kremlin to purchase Greek government bonds, went unanswered.
Helping the indebted country was equivalent to throwing money into the garbage, Putin is reputed to have told Tsipras during their meeting.
Referendum Followed by Reversal
In July 2015, the excoriating bailout terms were subjected to a popular referendum, a move which threw Europe into further existential crisis.
Although the vote was carried resoundingly by those who opposed austerity, the prime minister was forced but to reject its outcome and negotiate a bailout package from foreign lenders which turned out to be more severe.
Breaking Point
Tsipras claimed that he started questioning his finance minister quite early on.
“He was the face of negotiation, the figure who drew publicity, who graced the front pages of publications the world over … it seemed he relished the spotlight.”
After Varoufakis proposed a contingency plan that included establishing a secondary currency as well as distributing coupons to pensioners, the leader said he realised that it was game over questioning Varoufakis: “Is this for real?”
Lasting Rebuke
In the memoir, the author asserts that his former ally had proved himself to be “unsuitable for an agreement that required complex and delicate management.”
He further wrote how his confrontational approach left him increasingly isolated with colleagues, endangered the country, while assisted hardliners who were advocating Grexit.
This account of history has been met with fury along with stunned disbelief in some quarters, while the former minister has so far maintained a conspicuous quiet on the matter.
