In a recently unveiled personal account, titled Ithaki, the former prime minister Alexis Tsipras pulls no punches as he revisits the chaotic period of Greece's financial crisis.
An Unconventional Choice
As per the ex-PM's version, Tsipras chose that maverick academic Yanis Varoufakis to be his treasury head largely due to the latter's global profile and his very persuasive skills when it came to speaker.
“He was, in reality, more like a personality and less of an economist,” stated Tsipras.
Conflicting Agendas
Tsipras suggests how Varoufakis had his own agenda which included advancing his books and experimenting with his game theories using the nation rather than genuinely advocating its financial survival.
Tsipras wrote how those talks to prevent bankruptcy were “not just a way to secure a better deal for the country. They became a test, an historic chance to prove the truth of his economic theories.”
Critical Negotiations
During tense discussions, Greece found itself dangerously close to exiting the single currency area.
On the line lay not only the country's destiny and the harsh austerity measures demanded in exchange for financial aid by international creditors.
Unsuccessful Options
Efforts to find funds from other sources, including a desperate appeal to the Kremlin to purchase Greek government bonds, were rejected.
Assisting the indebted country was equivalent to throwing money in the trash-can, the Russian leader reportedly told his Greek counterpart in Moscow.
Referendum and U-Turn
In July 2015, the punitive conditions were subjected to a popular referendum, a move which plunged the EU into a deeper crisis of identity.
Even though the vote was carried resoundingly by voters against austerity, the prime minister was forced but to ignore the result and negotiate a rescue deal with foreign lenders which turned out to be tougher.
Breaking Point
The ex-PM revealed how he started questioning Varoufakis relatively soon.
“Varoufakis was the public image of the talks, the figure who attracted media attention, who appeared on the covers of publications globally … he gave the impression he relished the spotlight.”
After the minister proposed a backup strategy that included establishing a parallel currency and issuing vouchers to retirees, the leader said he realised it was the end and asked Varoufakis: “Can you be serious?”
Enduring Criticism
Within the book, Tsipras concludes that Varoufakis demonstrated himself “unfit for a deal that required complex and sensitive management.”
He further wrote how his confrontational approach left him increasingly isolated with colleagues, endangered the country, while assisted hawks who were pushing for a Greek exit from the euro.
The retelling of events has been met with fury along with stunned disbelief in some quarters, whereas Varoufakis has so far kept a conspicuous quiet regarding these claims.
