In a recently unveiled personal account, named Ithaki, the former prime minister Alexis Tsipras does not hold back while he revisits that turbulent period during Greece's debt drama.
A Controversial Appointment
As per the ex-PM's recollections, Tsipras chose the maverick academic Yanis Varoufakis as his finance minister mainly because of his global profile along with his “extremely attractive” skills when it came to communicator.
“In reality, he was, in reality, more of a personality and less of an economist,” wrote the 51-year-old.
Conflicting Priorities
The former leader alleges how Varoufakis had a personal agenda which involved promoting Varoufakis's books and experimenting with his theories on the nation instead of genuinely fighting for its economic stability.
Tsipras wrote that those negotiations to prevent insolvency became “not only a way of achieving improved terms for Greece. They were a test, an historic chance to demonstrate the validity of his theories.”
High-Stakes Negotiations
During volatile negotiations, the country found itself perilously close to leaving the single currency area.
At stake lay not only the country's destiny but also the punishing cutbacks required in return for rescue loans by international creditors.
Failed Options
Attempts to secure funds elsewhere, including a desperate appeal to the Kremlin to buy Greek government bonds, were rejected.
Assisting Greece was 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, the excoriating bailout terms were subjected to a public vote, a move that threw Europe into a deeper existential crisis.
Although the vote was carried decisively by those who opposed the cuts, the prime minister was forced but to reject its outcome then agree to a rescue deal with creditors that proved to be tougher.
Final Straw
Tsipras revealed how he began to doubt Varoufakis quite early on.
“Varoufakis was the public image of the talks, the figure who drew publicity, who appeared on the front pages of publications globally … he gave the impression he relished his new role.”
When Varoufakis proposed a contingency plan involving establishing a secondary currency and issuing coupons to retirees, Tsipras said he realised it was game over and asked him: “Are you serious?”
Lasting Rebuke
Within the book, the author asserts how his former ally demonstrated himself to be “unfit for a deal demanding complex and delicate management.”
Tsipras further wrote that Varoufakis's confrontational approach made him more and more alone among peers, put Greece at risk, and helped hawks who were advocating Grexit.
This retelling of history has been met with fury and shock among certain groups, while the former minister has kept a deafening silence on the matter.
