In a recently unveiled memoir, called Ithaki, the ex- premier Alexis Tsipras pulls no punches as he reflects on the turbulent era during Greece's financial crisis.
An Unconventional Appointment
As per Tsipras's recollections, he chose that maverick economist Yanis Varoufakis as his finance minister mainly because of the latter's global profile along with Varoufakis's very persuasive skills as a communicator.
“In reality, he was, actually, more of a star and less of an economist,” recalled the 51-year-old.
Conflicting Priorities
Tsipras alleges how Varoufakis had a personal motives which involved advancing Varoufakis's books and experimenting with his own theories on Greece instead of truly advocating its financial survival.
He wrote how those negotiations to prevent insolvency were “not only a way to secure a better deal for Greece. They were an experiment, an historic opportunity to demonstrate the truth of his theories.”
High-Stakes Talks
Amid volatile discussions, the country found itself dangerously on the brink of leaving the single currency area.
On the line was not only Greece's future but also those harsh cutbacks demanded in return for rescue loans from international creditors.
Unsuccessful Options
Efforts to secure funds elsewhere, such as an urgent appeal to the Kremlin to buy Greek bonds, went unanswered.
Helping the indebted country would be equivalent to throwing money into the garbage, Putin reportedly informed his Greek counterpart in Moscow.
Public Vote Followed by U-Turn
In July 2015, the harsh bailout terms were subjected to a popular referendum, an action that threw the EU into a deeper existential crisis.
Even though the referendum was carried decisively by voters against austerity, Tsipras was forced but to ignore the result and agree to a rescue deal with creditors that proved to be more severe.
Final Straw
The ex-PM revealed how he began to doubt his finance minister quite early on.
“Varoufakis was the face of negotiation, the man who attracted publicity, who graced the front pages of magazines the world over … he gave the impression he was enjoying the spotlight.”
After the minister proposed a backup strategy that included establishing a parallel currency as well as issuing vouchers to pensioners, the leader said he realised that it was game over questioning him: “Are you serious?”
Enduring Criticism
Within the book, Tsipras asserts how his former ally demonstrated himself to be “unsuitable for an agreement that required intricate and sensitive management.”
Tsipras also wrote that his confrontational style left him increasingly isolated with colleagues, endangered the country, while assisted hardliners who were advocating a Greek exit from the euro.
The account of history has been met with anger along with shock among certain groups, whereas the former minister has maintained a deafening silence on the matter.
