In a newly released personal account, named Ithaki, the ex- prime minister Alexis Tsipras does not hold back while he examines that turbulent period of Greece's economic turmoil.
A Controversial Choice
As per Tsipras's recollections, Tsipras selected that maverick economist Yanis Varoufakis as the treasury head mainly because of the latter's global profile along with Varoufakis's highly compelling abilities when it came to speaker.
“He was, in reality, more of a celebrity rather than an economist,” stated the 51-year-old.
Conflicting Priorities
Tsipras claims how Varoufakis possessed his own agenda which included promoting his publications as well as testing out his theories on Greece rather than truly advocating its economic stability.
He explained how the talks to stave off insolvency became “not only a method to secure a better deal for the country. They became an experiment, a monumental opportunity to prove the validity of Varoufakis's economic theories.”
High-Stakes Talks
Amid volatile discussions, Greece found itself dangerously close to exiting the single currency area.
At stake was not only the country's future and the punishing cutbacks demanded in return for financial aid by international creditors.
Failed Alternatives
Attempts to find funds from other sources, such as an urgent plea to the Kremlin to purchase Greek bonds, fell on stony ground.
Assisting Greece would be equivalent to throwing money into the garbage, Putin reportedly informed his Greek counterpart in Moscow.
Referendum and U-Turn
That summer, those punitive bailout terms were put to a public vote, a move which threw the EU into further existential crisis.
Although the vote was carried resoundingly by those against the cuts, Tsipras was forced but to ignore the result then agree to a rescue deal with foreign lenders that proved to be even harsher.
Breaking Point
Tsipras claimed that he started questioning his finance minister quite early on.
“Varoufakis was the face of the talks, the figure who attracted media attention, who graced the front pages of magazines the world over … it seemed he was enjoying the spotlight.”
When the minister outlined a contingency plan that included establishing a secondary currency and distributing vouchers to pensioners, Tsipras said he realised it was the end questioning him: “Are you serious?”
Enduring Criticism
Within the memoir, Tsipras concludes how his former ally demonstrated himself “unsuitable for a deal that required intricate and sensitive handling.”
Tsipras also wrote how his aggressive style left him more and more alone with colleagues, put Greece at risk, and assisted hardliners that were advocating Grexit.
This account of history has been met with fury and stunned disbelief among certain groups, whereas Varoufakis has maintained a conspicuous quiet on the matter.
