In a recently unveiled memoir, titled Ithaki, the ex- premier Alexis Tsipras spares no criticism as he revisits the chaotic era during Greece's financial crisis.
A Controversial Appointment
As per the ex-PM's version, he selected that unorthodox academic Yanis Varoufakis as his treasury head primarily because of the latter's worldwide fame along with his “extremely attractive” abilities when it came to communicator.
“In reality, he was, actually, more of a star rather than an economist,” wrote the 51-year-old.
Clashing Priorities
The former leader claims that his finance chief had his own motives which included promoting Varoufakis's publications as well as experimenting with his own theories using the nation instead of truly advocating its economic stability.
Tsipras noted that those talks to stave off insolvency became “not just a method of achieving a better deal for Greece. They were an experiment, a monumental opportunity to demonstrate the validity of Varoufakis's ideas.”
High-Stakes Negotiations
During volatile negotiations, the country found itself dangerously on the brink of leaving the single currency area.
At stake lay both Greece's destiny but also those severe austerity measures demanded in exchange for rescue loans by international creditors.
Unsuccessful Options
Efforts to find financing elsewhere, such as an urgent appeal to Russia to purchase Greek bonds, went unanswered.
Helping Greece would be equivalent to throwing money in the trash-can, the Russian leader is reputed to have told his Greek counterpart during their meeting.
Public Vote and Reversal
In July 2015, those punitive bailout terms were subjected to a public vote, a move that plunged Europe into deeper crisis of identity.
Although the referendum was won decisively by voters against austerity, Tsipras was forced to reject its outcome then agree to a rescue deal with creditors that turned out to be tougher.
Breaking Point
The ex-PM claimed how he began to doubt Varoufakis quite early on.
“He was the face of negotiation, the figure who drew media attention, who graced the front pages of magazines the world over … he gave the impression he was enjoying his new role.”
When Varoufakis proposed a backup strategy that included establishing a parallel currency and issuing coupons to pensioners, the leader knew that it was the end and asked him: “Are you serious?”
Enduring Rebuke
Within the book, Tsipras concludes that Varoufakis had proved himself to be “unsuitable for a deal demanding complex and sensitive management.”
Tsipras further wrote that his aggressive approach made him more and more alone among peers, endangered the country, while assisted hardliners that were advocating a Greek exit from the euro.
This retelling of history has provoked anger and stunned disbelief among certain groups, while Varoufakis has so far kept a conspicuous quiet on the matter.
