In a recently unveiled autobiography, named Ithaki, the ex- prime minister Alexis Tsipras spares no criticism as he examines the turbulent period of Greece's debt drama.
An Unconventional Choice
As per Tsipras's account, he selected the maverick economist Yanis Varoufakis to be the treasury head primarily because of his global profile along with his “extremely attractive” abilities as a speaker.
“In reality, he was, in reality, more of a personality and less of an economist,” wrote Tsipras.
Conflicting Agendas
Tsipras suggests that Varoufakis possessed a personal motives that involved promoting Varoufakis's books as well as testing out his own theories on the nation instead of truly advocating the country's financial survival.
Tsipras noted that the discussions to avoid insolvency became “not just a way of achieving a better deal for the country. They were a test, an historic chance to demonstrate the truth of Varoufakis's economic theories.”
High-Stakes Negotiations
Amid volatile discussions, Greece found itself dangerously close to leaving the single currency area.
At stake was not only the country's future and those severe cutbacks required in return for financial aid from international creditors.
Failed Options
Efforts to find financing elsewhere, such as an urgent plea to the Kremlin to buy Greek bonds, fell on stony ground.
Assisting the indebted country was equivalent to throwing money in the trash-can, the Russian leader reportedly informed Tsipras in Moscow.
Referendum Followed by U-Turn
In July 2015, the excoriating bailout terms were put to a public vote, a move that threw Europe into a further crisis of identity.
Although the vote was won resoundingly by those who opposed austerity, the prime minister had little option but to ignore the result and negotiate a rescue deal with foreign lenders that proved to be even harsher.
Breaking Point
The ex-PM claimed how he began to doubt his finance minister quite early on.
“Varoufakis was the face of the talks, the figure who drew media attention, who appeared on the covers of publications globally … he gave the impression he relished his new role.”
After Varoufakis outlined a backup strategy involving establishing a secondary currency as well as distributing coupons to retirees, Tsipras said he realised it was game over and asked him: “Is this for real?”
Lasting Criticism
Within the memoir, the author asserts that Varoufakis demonstrated himself to be “unfit for an agreement that required complex and delicate handling.”
Tsipras further wrote how his aggressive style made him more and more alone with colleagues, put Greece at risk, while helped hawks that were pushing for Grexit.
The retelling of events has been met with fury along with stunned disbelief among certain groups, while Varoufakis has maintained a deafening silence on the matter.
