In a recently unveiled memoir, titled Ithaki, the former prime minister Tsipras pulls no punches while he examines that turbulent era of Greece's economic turmoil.
A Controversial Choice
As per Tsipras's recollections, Tsipras selected the unorthodox economist Yanis Varoufakis as the treasury head primarily because of his global profile along with Varoufakis's very persuasive skills when it came to communicator.
“In reality, he was, actually, more like a star and less of an economist,” stated Tsipras.
Clashing Priorities
Tsipras suggests how Varoufakis had his own motives that involved advancing his books as well as experimenting with his own economic models on Greece instead of genuinely fighting for its economic stability.
Tsipras wrote how those negotiations to prevent insolvency became “not just a way to secure improved terms for Greece. They became an experiment, a monumental opportunity to prove the truth of his theories.”
Critical Talks
During rollercoaster discussions, the country found itself dangerously close to exiting the single currency area.
At stake was not only Greece's future and those punishing austerity measures demanded in return for rescue loans from foreign lenders.
Failed Alternatives
Attempts to find financing elsewhere, including a desperate plea to the Kremlin to purchase Greek government bonds, fell on stony ground.
Assisting the indebted country was equivalent to throwing money into the garbage, the Russian leader is reputed to have informed his Greek counterpart in Moscow.
Public Vote Followed by Reversal
In July 2015, those punitive bailout terms were put to a popular referendum, a move that plunged the EU into a deeper crisis of identity.
Even though the referendum was won resoundingly by voters against the cuts, Tsipras had little option but to reject its outcome then agree to a bailout package from foreign lenders which proved to be even harsher.
Final Straw
The ex-PM claimed how he started questioning Varoufakis relatively soon.
“Varoufakis was the public image of negotiation, the man who drew publicity, who graced the front pages of publications globally … it seemed he relished his new role.”
When Varoufakis proposed a contingency plan involving establishing a secondary currency and issuing vouchers to pensioners, Tsipras knew it was the end questioning him: “Are you serious?”
Lasting Criticism
In the memoir, the author concludes that Varoufakis demonstrated himself to be “unsuitable for a deal demanding intricate and sensitive management.”
He also wrote how his aggressive approach left him more and more alone with colleagues, put Greece at risk, while assisted hawks that were advocating a Greek exit from the euro.
This retelling of history has provoked anger and shock in some quarters, while Varoufakis has so far maintained a conspicuous quiet on the matter.
