In a recently unveiled memoir, called Ithaki, the ex- premier Alexis Tsipras does not hold back while he examines the chaotic period during Greece's debt drama.
A Controversial Choice
According to Tsipras's account, he appointed the unorthodox economist Yanis Varoufakis as the finance minister primarily due to his worldwide fame and his very persuasive abilities as a speaker.
“He was, actually, more of a celebrity and less of an economic expert,” recalled the 51-year-old.
Conflicting Agendas
Tsipras alleges how Varoufakis had a personal agenda that included promoting his books as well as testing out his economic models on the nation rather than truly fighting for its financial survival.
Tsipras wrote how the discussions to avoid insolvency became “not just a method to secure a better deal for the country. They were an experiment, an historic chance to demonstrate the truth of his ideas.”
High-Stakes Negotiations
During rollercoaster negotiations, Greece found itself perilously close to exiting the eurozone.
On the line was both the country's destiny but also those punishing austerity measures demanded in return for financial aid by international creditors.
Failed Alternatives
Attempts to find funds elsewhere, including a desperate appeal to Russia to purchase Greek government bonds, went unanswered.
Helping the indebted country would be tantamount to tossing cash into the garbage, Putin is reputed to have informed Tsipras in Moscow.
Referendum and Reversal
That summer, the excoriating bailout terms were subjected to a public vote, an action that plunged Europe into a further crisis of identity.
Although the referendum was won decisively by voters against the cuts, the prime minister had little option but to ignore the result and negotiate a bailout package from foreign lenders that turned out to be tougher.
Final Straw
The ex-PM revealed that he started questioning his finance minister quite early on.
“Varoufakis was the face of the talks, the figure who attracted media attention, who graced the front pages of magazines globally … it seemed he was enjoying the spotlight.”
After the minister outlined a contingency plan involving creating a secondary currency and issuing vouchers to pensioners, the leader said he realised that it was the end questioning him: “Can you be serious?”
Lasting Criticism
Within the memoir, Tsipras concludes how his former ally had proved himself to be “unfit for a deal that required intricate and delicate handling.”
He further wrote how Varoufakis's aggressive approach made him more and more alone among peers, endangered the country, while assisted hardliners that were pushing for Grexit.
This retelling of events has provoked fury and shock among certain groups, whereas the former minister has kept a conspicuous quiet on the matter.
