Within his recently unveiled memoir, called Ithaki, the ex- prime minister Alexis Tsipras does not hold back as he revisits that turbulent era during Greece's financial crisis.
An Unconventional Choice
According to the ex-PM's account, Tsipras chose that maverick economist Yanis Varoufakis as his finance minister primarily because of the latter's international reputation along with his highly compelling skills when it came to speaker.
“In reality, he was, truthfully, more like a personality rather than an economic expert,” stated the 51-year-old.
Conflicting Agendas
The former leader claims how his finance chief possessed his own agenda that involved promoting Varoufakis's books and experimenting with his theories using the nation rather than genuinely fighting for the country's financial survival.
He noted how those negotiations to avoid insolvency were “not just a method to secure a better deal for the country. They were an experiment, a monumental opportunity to prove the validity of Varoufakis's theories.”
Critical Negotiations
During rollercoaster negotiations, the country came dangerously close to exiting the eurozone.
On the line was not only the country's future and those punishing cutbacks demanded in exchange for financial aid from international creditors.
Unsuccessful Options
Attempts to secure financing from other sources, such as a desperate appeal to Russia to purchase Greek bonds, went unanswered.
Helping Greece would be equivalent to tossing cash in the trash-can, the Russian leader reportedly told Tsipras in Moscow.
Public Vote and U-Turn
In July 2015, the punitive conditions were put to a popular referendum, a move that plunged the EU into deeper existential crisis.
Although the referendum was carried resoundingly by those who opposed austerity, Tsipras had little option to reject its outcome and agree to a rescue deal from foreign lenders which proved to be even harsher.
Breaking Point
Tsipras claimed that he began to doubt his finance minister quite early on.
“He was the face of the talks, the figure who attracted publicity, who graced the covers of magazines globally … it seemed he was enjoying his new role.”
When Varoufakis proposed a contingency plan involving establishing a parallel currency as well as distributing vouchers to pensioners, Tsipras said he realised it was game over and asked him: “Are you serious?”
Enduring Criticism
Within the book, the author concludes how Varoufakis demonstrated himself “unfit for an agreement that required complex and sensitive management.”
He further claimed that Varoufakis's confrontational approach left him increasingly isolated among peers, put Greece at risk, while helped hardliners who were pushing for a Greek exit from the euro.
This retelling of history has been met with anger and shock in some quarters, while Varoufakis has so far kept a deafening silence regarding these claims.
