In a recently unveiled memoir, named Ithaki, the former premier Alexis Tsipras does not hold back while he revisits that turbulent period during Greece's economic turmoil.
An Unconventional Appointment
According to the ex-PM's recollections, Tsipras selected the unorthodox economist Yanis Varoufakis to be the finance minister primarily because of the latter's global profile along with Varoufakis's highly compelling skills when it came to public orator.
“In reality, he was, truthfully, more of a personality and less of an economic expert,” wrote Tsipras.
Clashing Agendas
The former leader claims how his finance chief had a personal motives that included advancing his publications and experimenting with his own economic models using the nation rather than truly advocating its financial survival.
Tsipras noted how those talks to avoid insolvency became “not just a method of achieving a better deal for Greece. They were an experiment, an historic chance to demonstrate the validity of Varoufakis's theories.”
High-Stakes Talks
Amid volatile discussions, the country came perilously close to exiting the single currency area.
At stake lay both Greece's future but also those severe austerity measures demanded in exchange for rescue loans from foreign lenders.
Failed Options
Efforts to secure funds elsewhere, such as a desperate appeal to the Kremlin to purchase Greek bonds, were rejected.
Helping the indebted country would be tantamount to throwing money in the trash-can, Putin is reputed to have informed Tsipras during their meeting.
Referendum Followed by U-Turn
In July 2015, the punitive bailout terms were subjected to a public vote, a move that threw Europe into further existential crisis.
Although the vote was carried resoundingly by voters against austerity, the prime minister was forced but to ignore the result and agree to a rescue deal with foreign lenders which proved to be tougher.
Final Straw
Tsipras claimed how he started questioning his finance minister quite early on.
“Varoufakis was the face of negotiation, the man who attracted media attention, who appeared on the covers of magazines the world over … he gave the impression he relished his new role.”
When the minister outlined a contingency plan involving establishing a secondary currency as well as distributing vouchers to pensioners, the leader knew it was the end and asked Varoufakis: “Are you serious?”
Enduring Criticism
Within the memoir, the author concludes how Varoufakis had proved himself to be “unfit for a deal demanding intricate and delicate handling.”
He also claimed that Varoufakis's confrontational approach left him increasingly isolated with colleagues, put Greece at risk, and assisted hawks who were pushing for Grexit.
This account of history has provoked anger along with shock among certain groups, whereas the former minister has kept a deafening silence regarding these claims.
