Within his recently unveiled personal account, called Ithaki, the former leader Alexis Tsipras does not hold back while he revisits that turbulent period during Greece's financial crisis.
An Unconventional Appointment
In the ex-PM's account, Tsipras chose the unorthodox academic Yanis Varoufakis to be his treasury head largely due to his global profile and his “extremely attractive” abilities when it came to communicator.
“In reality, he was, actually, more of a star and less of an economic expert,” stated Tsipras.
Conflicting Agendas
Tsipras suggests that his finance chief had a personal motives that included advancing his books as well as experimenting with his theories on Greece instead of truly advocating the country's financial survival.
He wrote how those negotiations to prevent bankruptcy were “not just a way to secure improved terms for the country. They were an experiment, an historic chance to demonstrate the truth of Varoufakis's theories.”
High-Stakes Negotiations
During volatile negotiations, the country found itself perilously on the brink of exiting the eurozone.
At stake lay both the country's destiny and the harsh cutbacks required in return for rescue loans by foreign lenders.
Failed Options
Efforts to secure funds from other sources, including a desperate appeal to the Kremlin to buy Greek government bonds, were rejected.
Helping the indebted country was equivalent to throwing money in the trash-can, the Russian leader reportedly informed Tsipras during their meeting.
Referendum Followed by Reversal
In July 2015, those punitive bailout terms were subjected to a popular referendum, a move that plunged Europe into a deeper existential crisis.
Even though the referendum was carried decisively by those who opposed the cuts, Tsipras was forced to ignore the result then agree to a rescue deal from foreign lenders which proved to be even harsher.
Final Straw
Tsipras claimed that he started questioning Varoufakis quite early on.
“He was the face of the talks, the figure who drew publicity, who graced the front pages of publications globally … he gave the impression he relished the spotlight.”
After Varoufakis outlined a backup strategy that included establishing a secondary currency and distributing coupons to retirees, Tsipras said he realised it was the end and asked Varoufakis: “Are you serious?”
Enduring Criticism
Within the book, the author concludes that Varoufakis had proved himself to be “unfit for an agreement that required intricate and sensitive handling.”
He also wrote that his confrontational style left him increasingly isolated among peers, endangered the country, while assisted hardliners who were pushing for Grexit.
The account of events has provoked fury along with stunned disbelief among certain groups, whereas Varoufakis has so far kept a deafening silence on the matter.
