Within his recently unveiled personal account, titled Ithaki, the former premier Alexis Tsipras does not hold back as he revisits the chaotic era of Greece's financial crisis.
A Controversial Choice
In Tsipras's account, Tsipras selected that maverick academic Yanis Varoufakis to be his finance minister largely due to his global profile and Varoufakis's highly compelling skills when it came to public orator.
“In reality, he was, actually, more like a star and less of an economic expert,” recalled Tsipras.
Conflicting Agendas
The former leader claims how Varoufakis possessed a personal agenda that included promoting his publications as well as experimenting with his theories on the nation rather than truly advocating the country's economic stability.
He noted how those negotiations to prevent bankruptcy were “not only a method to secure a better deal for Greece. They were a test, a monumental chance to prove the truth of his economic theories.”
High-Stakes Talks
During tense negotiations, Greece came perilously on the brink of leaving the single currency area.
At stake lay both the country's future but also the punishing cutbacks required in exchange for rescue loans by international creditors.
Failed Alternatives
Attempts to secure funds from other sources, including a desperate appeal to the Kremlin to buy Greek government bonds, fell on stony ground.
Assisting the indebted country was equivalent to tossing cash into the garbage, Putin reportedly told his Greek counterpart in Moscow.
Public Vote Followed by U-Turn
That summer, the excoriating bailout terms were put to a popular referendum, a move that threw Europe into deeper crisis of identity.
Even though the referendum was carried decisively by voters who opposed austerity, the prime minister had little option to reject its outcome then negotiate a rescue deal with foreign lenders which turned out to be tougher.
Final Straw
Tsipras claimed how he began to doubt his finance minister relatively soon.
“He was the face of the talks, the man who drew media attention, who appeared on the front pages of magazines the world over … it seemed he relished the spotlight.”
When Varoufakis outlined a backup strategy that included establishing a parallel currency as well as issuing vouchers to retirees, the leader said he realised it was the end and asked Varoufakis: “Are you serious?”
Enduring Rebuke
Within the memoir, Tsipras asserts how his former ally had proved himself to be “unfit for an agreement demanding complex and sensitive management.”
Tsipras also claimed how his confrontational style made him more and more alone among peers, put Greece at risk, and helped hardliners that were pushing for Grexit.
This account of events has been met with anger and shock among certain groups, while the former minister has maintained a conspicuous quiet on the matter.
