In a freshly published memoir, titled Ithaki, the former prime minister Alexis Tsipras does not hold back as he reflects on the turbulent era of Greece's financial crisis.
An Unconventional Appointment
According to the ex-PM's version, he chose the unorthodox economist Yanis Varoufakis to be the treasury head largely because of his global profile along with his highly compelling skills as a speaker.
“He was, truthfully, more like a star rather than an economic expert,” stated the 51-year-old.
Clashing Priorities
Tsipras alleges how Varoufakis had a personal motives that included advancing Varoufakis's publications and experimenting with his theories using Greece instead of genuinely fighting for its financial survival.
He wrote how those negotiations to avoid bankruptcy were “not just a method to secure improved terms for Greece. They were an experiment, a monumental opportunity to demonstrate the truth of Varoufakis's ideas.”
High-Stakes Talks
During rollercoaster negotiations, the country found itself dangerously close to leaving the single currency area.
On the line was not only Greece's destiny but also the harsh austerity policies required in return for financial aid from foreign lenders.
Failed Alternatives
Efforts to find financing from other sources, such as a desperate appeal to Russia to buy Greek government bonds, fell on stony ground.
Assisting the indebted country was tantamount to tossing cash in the trash-can, the Russian leader is reputed to have informed his Greek counterpart in Moscow.
Public Vote Followed by Reversal
That summer, the excoriating conditions were subjected to a popular referendum, a move that plunged Europe into deeper crisis of identity.
Even though the vote was won resoundingly by those who opposed austerity, the prime minister was forced to ignore the result then agree to a rescue deal with creditors that turned out to be more severe.
Breaking Point
Tsipras claimed how he began to doubt his finance minister quite early on.
“Varoufakis was the face of the talks, the figure who drew publicity, who appeared on the covers of magazines the world over … he gave the impression he relished the spotlight.”
After Varoufakis proposed a backup strategy that included creating a secondary currency as well as distributing coupons to pensioners, the leader said he realised that it was the end questioning him: “Is this for real?”
Lasting Rebuke
Within the book, Tsipras asserts that his former ally had proved himself “unsuitable for an agreement demanding complex and sensitive management.”
He further claimed how his aggressive style made him increasingly isolated among peers, endangered the country, and assisted hardliners that were pushing for Grexit.
This account of events has been met with fury along with shock in some quarters, whereas the former minister has maintained a conspicuous quiet on the matter.
