Within his freshly published personal account, called Ithaki, the ex- leader Alexis Tsipras pulls no punches while he examines that chaotic period during Greece's financial crisis.
An Unconventional Choice
According to Tsipras's account, Tsipras appointed the maverick economist Yanis Varoufakis as his finance minister mainly because of his international reputation along with his highly compelling skills as a communicator.
“He was, in reality, more like a celebrity and less of an economic expert,” stated the 51-year-old.
Conflicting Priorities
Tsipras suggests how Varoufakis possessed his own motives that included advancing Varoufakis's books and testing out his economic models on Greece instead of truly advocating its economic stability.
Tsipras noted how the discussions to stave off bankruptcy were “not only a method of achieving a better deal for Greece. They were a test, a monumental opportunity to prove the truth of Varoufakis's theories.”
Critical Talks
During volatile discussions, the country came dangerously close to leaving the eurozone.
At stake lay not only Greece's future but also those punishing austerity measures demanded in return for rescue loans by international creditors.
Failed Alternatives
Attempts to secure financing from other sources, such as a desperate plea to Russia to buy Greek bonds, fell on stony ground.
Helping the indebted country would be tantamount to throwing money into the garbage, Putin reportedly informed Tsipras during their meeting.
Referendum and Reversal
That summer, those harsh bailout terms were put to a popular referendum, a move that plunged the EU into a deeper existential crisis.
Although the vote was carried resoundingly by voters against austerity, the prime minister had little option but to reject its outcome and negotiate a rescue deal with foreign lenders that proved to be more severe.
Breaking Point
The ex-PM revealed that he began to doubt his finance minister quite early on.
“He was the face of the talks, the man who drew publicity, who appeared on the front pages of publications globally … it seemed he was enjoying the spotlight.”
When Varoufakis proposed a contingency plan that included establishing a parallel currency as well as issuing coupons to retirees, Tsipras knew that it was game over and asked him: “Is this for real?”
Enduring Criticism
In the memoir, the author asserts that Varoufakis demonstrated himself to be “unfit for an agreement demanding intricate and delicate management.”
Tsipras also wrote how Varoufakis's confrontational approach made him more and more alone with colleagues, put Greece at risk, and helped hawks who were pushing for Grexit.
The account of history has been met with anger and stunned disbelief in some quarters, while the former minister has kept a deafening silence on the matter.
