In a recently unveiled memoir, called Ithaki, the ex- premier Tsipras pulls no punches as he reflects on that chaotic era of Greece's debt drama.
A Controversial Choice
As per Tsipras's recollections, Tsipras appointed that unorthodox academic Yanis Varoufakis to be his finance minister mainly because of the latter's worldwide fame along with his “extremely attractive” abilities as a public orator.
“In reality, he was, truthfully, more like a celebrity and less of an economist,” stated Tsipras.
Conflicting Priorities
Tsipras alleges that Varoufakis had his own agenda that involved promoting his publications and experimenting with his own theories using the nation rather than truly advocating its financial survival.
Tsipras explained how those negotiations to avoid bankruptcy were “not only a way of achieving improved terms for Greece. They became an experiment, a monumental opportunity to prove the truth of Varoufakis's economic theories.”
Critical Talks
Amid rollercoaster negotiations, the country found itself perilously on the brink of exiting the eurozone.
On the line lay not only the country's future and those harsh cutbacks required in return for financial aid from international creditors.
Unsuccessful Alternatives
Efforts to find financing from other sources, such as a desperate appeal to Russia to buy Greek bonds, went unanswered.
Assisting Greece would be equivalent to tossing cash in the trash-can, Putin is reputed to have informed his Greek counterpart in Moscow.
Public Vote Followed by Reversal
In July 2015, the punitive bailout terms were subjected to a popular referendum, a move which threw Europe into deeper crisis of identity.
Even though the vote was won decisively by voters against austerity, Tsipras was forced but to reject its outcome and agree to a rescue deal with foreign lenders that proved to be tougher.
Breaking Point
Tsipras revealed how he started questioning his finance minister relatively soon.
“He was the face of negotiation, the figure who attracted publicity, who graced the covers of publications globally … he gave the impression he relished his new role.”
After Varoufakis outlined a contingency plan involving creating a secondary currency as well as distributing vouchers to pensioners, Tsipras knew that it was game over questioning Varoufakis: “Is this for real?”
Enduring Criticism
Within the memoir, the author asserts that his former ally had proved himself to be “unsuitable for a deal that required complex and delicate handling.”
Tsipras further claimed how his aggressive approach made him more and more alone among peers, put Greece at risk, and assisted hawks that were pushing for Grexit.
This retelling of history has provoked anger along with stunned disbelief in some quarters, while Varoufakis has maintained a conspicuous quiet on the matter.
