Within his recently unveiled personal account, named Ithaki, the former premier Alexis Tsipras pulls no punches while he reflects on that turbulent period during Greece's economic turmoil.
A Controversial Choice
In Tsipras's recollections, Tsipras chose that unorthodox economist Yanis Varoufakis as his finance minister largely because of his worldwide fame along with his “extremely attractive” skills when it came to speaker.
“He was, in reality, more of a star rather than an economist,” stated Tsipras.
Conflicting Priorities
Tsipras alleges how Varoufakis had a personal agenda that included promoting his books as well as testing out his economic models using the nation rather than genuinely fighting for its economic stability.
He noted how the negotiations to stave off insolvency became “not just a method of achieving a better deal for Greece. They became an experiment, an historic opportunity to prove the validity of his economic theories.”
Critical Negotiations
Amid tense negotiations, Greece came dangerously close to exiting the eurozone.
On the line was both the country's destiny and those harsh austerity measures demanded in exchange for bailout funds by foreign lenders.
Failed Options
Attempts to find financing from other sources, including a desperate appeal to the Kremlin to buy Greek government bonds, were rejected.
Assisting Greece would be equivalent to tossing cash into the garbage, Putin reportedly told his Greek counterpart in Moscow.
Referendum Followed by Reversal
In July 2015, the excoriating conditions were subjected to a popular referendum, an action which plunged the EU into further crisis of identity.
Even though the referendum was carried resoundingly by those who opposed austerity, the prime minister had little option to reject its outcome then agree to a rescue deal from foreign lenders that turned out to be tougher.
Final Straw
The ex-PM revealed how he began to doubt Varoufakis relatively soon.
“Varoufakis was the public image of the talks, the figure who drew publicity, who graced the front pages of magazines the world over … it seemed he was enjoying his new role.”
When the minister proposed a contingency plan involving establishing a parallel currency and distributing coupons to pensioners, Tsipras knew that it was game over and asked him: “Is this for real?”
Lasting Criticism
In the memoir, the author asserts that Varoufakis demonstrated himself “unsuitable for an agreement demanding complex and delicate handling.”
He also wrote that his confrontational approach left him increasingly isolated among peers, put Greece at risk, while helped hardliners who were advocating a Greek exit from the euro.
This account of events has been met with anger and stunned disbelief among certain groups, whereas the former minister has so far kept a conspicuous quiet regarding these claims.
