Within his newly released personal account, called Ithaki, the ex- premier Alexis Tsipras spares no criticism while he examines that chaotic era of Greece's economic turmoil.
A Controversial Appointment
According to the ex-PM's recollections, he selected that unorthodox academic Yanis Varoufakis to be the treasury head largely due to the latter's global profile and Varoufakis's very persuasive skills as a public orator.
“In reality, he was, in reality, more of a star rather than an economic expert,” stated the 51-year-old.
Conflicting Agendas
The former leader alleges that Varoufakis possessed his own motives that included advancing his books as well as experimenting with his theories using Greece instead of truly fighting for its economic stability.
Tsipras explained how the discussions to prevent insolvency became “not just a way to secure a better deal for the country. They were a test, an historic opportunity to prove the truth of his ideas.”
Critical Negotiations
Amid rollercoaster discussions, Greece found itself perilously close to exiting the single currency area.
On the line lay both the country's future and those punishing cutbacks required in exchange for rescue loans by international creditors.
Unsuccessful Alternatives
Attempts to secure financing elsewhere, such as an urgent plea to Russia to purchase Greek government bonds, went unanswered.
Assisting the indebted country would be equivalent to tossing cash in the trash-can, Putin reportedly told Tsipras in Moscow.
Public Vote and Reversal
In July 2015, the excoriating bailout terms were subjected to a public vote, a move that plunged Europe into deeper existential crisis.
Even though the vote was won resoundingly by voters who opposed austerity, the prime minister had little option to ignore the result then negotiate a bailout package from creditors which proved to be tougher.
Breaking Point
The ex-PM revealed that he began to doubt his finance minister quite early on.
“He was the face of negotiation, the figure who drew publicity, who appeared on the covers of publications globally … it seemed he relished his new role.”
When Varoufakis proposed a backup strategy that included creating a parallel currency and issuing vouchers to retirees, the leader said he realised it was the end questioning Varoufakis: “Are you serious?”
Enduring Criticism
In the book, the author asserts that Varoufakis had proved himself to be “unfit for an agreement demanding complex and sensitive management.”
He also wrote how his aggressive style made him more and more alone among peers, put Greece at risk, while helped hardliners that were advocating a Greek exit from the euro.
The retelling of history has been met with fury along with shock in some quarters, whereas Varoufakis has so far kept a deafening silence on the matter.
