In a newly released personal account, titled Ithaki, the former premier Alexis Tsipras does not hold back while he examines that turbulent period during Greece's financial crisis.
An Unconventional Appointment
As per the ex-PM's account, he chose that unorthodox academic Yanis Varoufakis to be his treasury head mainly due to his global profile along with his highly compelling abilities as a communicator.
“In reality, he was, truthfully, more of a personality and less of an economic expert,” recalled the 51-year-old.
Conflicting Priorities
The former leader alleges that Varoufakis possessed his own agenda that involved advancing Varoufakis's publications as well as experimenting with his game theories using the nation rather than truly fighting for the country's economic stability.
Tsipras wrote how those discussions to avoid bankruptcy were “not only a way to secure improved terms for the country. They became an experiment, an historic chance to demonstrate the validity of Varoufakis's theories.”
Critical Talks
During tense discussions, Greece came dangerously on the brink of exiting the eurozone.
On the line was both Greece's future but also those severe austerity policies required in return for bailout funds by international creditors.
Failed Alternatives
Efforts to secure funds elsewhere, including an urgent plea to Russia to buy Greek government bonds, went unanswered.
Assisting Greece would be tantamount to throwing money into the garbage, the Russian leader reportedly told his Greek counterpart during their meeting.
Referendum Followed by Reversal
In July 2015, those harsh bailout terms were subjected to a popular referendum, an action that threw Europe into deeper crisis of identity.
Even though the vote was carried resoundingly by those against austerity, the prime minister had little option to ignore the result and agree to a rescue deal from creditors that proved to be more severe.
Final Straw
Tsipras revealed that he started questioning Varoufakis relatively soon.
“Varoufakis was the public image of negotiation, the man who attracted media attention, who appeared on the covers of publications the world over … he gave the impression he relished the spotlight.”
After Varoufakis outlined a contingency plan involving establishing a parallel currency as well as issuing vouchers to retirees, Tsipras knew that it was game over questioning him: “Can you be serious?”
Enduring Rebuke
Within the book, the author concludes how Varoufakis demonstrated himself to be “unfit for an agreement that required complex and sensitive handling.”
He further wrote that Varoufakis's aggressive approach left him more and more alone among peers, put Greece at risk, and assisted hardliners that were advocating a Greek exit from the euro.
The account of history has provoked anger along with stunned disbelief in some quarters, whereas the former minister has so far maintained a conspicuous quiet regarding these claims.
