In a freshly published memoir, titled Ithaki, the ex- prime minister Alexis Tsipras does not hold back as he reflects on the turbulent era of Greece's economic turmoil.
A Controversial Appointment
In Tsipras's version, Tsipras selected that maverick economist Yanis Varoufakis to be the treasury head primarily because of the latter's international reputation and Varoufakis's highly compelling abilities as a communicator.
“In reality, he was, actually, more of a star rather than an economic expert,” stated the 51-year-old.
Conflicting Agendas
Tsipras alleges that Varoufakis had his own motives that included advancing Varoufakis's publications as well as testing out his economic models on the nation instead of truly fighting for the country's economic stability.
Tsipras explained how the talks to stave off insolvency were “not just a method of achieving improved terms for Greece. They were a test, a monumental chance to demonstrate the validity of Varoufakis's economic theories.”
Critical Negotiations
During tense negotiations, the country came perilously close to exiting the eurozone.
On the line lay not only Greece's future and the severe austerity measures demanded in exchange for rescue loans by foreign lenders.
Failed Options
Attempts to secure financing elsewhere, including an urgent plea to the Kremlin to buy Greek bonds, went unanswered.
Helping the indebted country was tantamount to tossing cash in the trash-can, the Russian leader reportedly informed Tsipras in Moscow.
Referendum Followed by U-Turn
In July 2015, those harsh bailout terms were subjected to a public vote, an action that plunged Europe into a further crisis of identity.
Although the referendum was carried resoundingly by voters against the cuts, Tsipras had little option but to ignore the result then agree to a bailout package from creditors which turned out to be even harsher.
Breaking Point
Tsipras claimed that he began to doubt his finance minister relatively soon.
“He was the face of negotiation, the man who drew publicity, who appeared on the covers of magazines the world over … he gave the impression he relished his new role.”
When Varoufakis outlined a backup strategy involving establishing a parallel currency as well as distributing vouchers to pensioners, Tsipras said he realised it was the end questioning him: “Can you be serious?”
Enduring Criticism
Within the memoir, the author asserts how Varoufakis had proved himself “unsuitable for a deal that required intricate and delicate management.”
He also claimed that Varoufakis's aggressive approach made him increasingly isolated among peers, endangered the country, while assisted hardliners who were advocating Grexit.
This account of events has been met with fury and shock in some quarters, while the former minister has maintained a conspicuous quiet regarding these claims.
