In a freshly published autobiography, titled Ithaki, the ex- prime minister Alexis Tsipras pulls no punches while he reflects on that turbulent period of Greece's economic turmoil.
A Controversial Choice
As per the ex-PM's recollections, Tsipras chose that maverick economist Yanis Varoufakis to be his treasury head primarily due to his global profile along with his “extremely attractive” skills when it came to communicator.
“In reality, he was, in reality, more like a personality and less of an economic expert,” wrote Tsipras.
Clashing Agendas
The former leader suggests how his finance chief possessed a personal agenda which involved advancing his publications as well as testing out his own economic models on Greece instead of genuinely fighting for its economic stability.
He noted how those discussions to stave off bankruptcy became “not only a way of achieving improved terms for the country. They were an experiment, a monumental chance to prove the validity of Varoufakis's economic theories.”
Critical Talks
Amid rollercoaster discussions, Greece found itself perilously on the brink of leaving the single currency area.
On the line was not only the country's destiny and the punishing austerity policies required in exchange for bailout funds by foreign lenders.
Unsuccessful Options
Attempts to find financing from other sources, including an urgent plea to the Kremlin to purchase Greek bonds, fell on stony ground.
Assisting Greece would be tantamount to tossing cash in the trash-can, the Russian leader is reputed to have informed Tsipras in Moscow.
Referendum and Reversal
In July 2015, the harsh conditions were subjected to a popular referendum, a move that plunged Europe into further crisis of identity.
Although the referendum was carried resoundingly by those who opposed austerity, Tsipras had little option to reject its outcome and agree to a bailout package with creditors which proved to be more severe.
Final Straw
Tsipras revealed that he began to doubt his finance minister relatively soon.
“Varoufakis was the public image of negotiation, the figure who drew media attention, who graced the covers of magazines the world over … he gave the impression he was enjoying the spotlight.”
After the minister outlined a backup strategy involving establishing a secondary currency as well as distributing vouchers to retirees, the leader said he realised that it was the end and asked him: “Are you serious?”
Enduring Criticism
Within the book, Tsipras concludes that Varoufakis demonstrated himself “unsuitable for a deal demanding intricate and delicate management.”
He also claimed how his aggressive style made him increasingly isolated among peers, put Greece at risk, while helped hawks who were advocating a Greek exit from the euro.
The retelling of events has provoked anger along with stunned disbelief in some quarters, while the former minister has so far maintained a deafening silence on the matter.
