In a newly released memoir, named Ithaki, the former premier Alexis Tsipras does not hold back as he reflects on the turbulent period of Greece's economic turmoil.
An Unconventional Choice
In Tsipras's recollections, he selected that maverick economist Yanis Varoufakis as the finance minister primarily due to his worldwide fame and Varoufakis's highly compelling skills as a public orator.
“In reality, he was, in reality, more of a celebrity rather than an economist,” stated the 51-year-old.
Conflicting Agendas
The former leader claims that his finance chief possessed his own agenda that included promoting Varoufakis's publications as well as experimenting with his theories using the nation rather than truly advocating the country's economic stability.
He noted how the discussions to avoid insolvency were “not just a method of achieving improved terms for Greece. They were a test, a monumental chance to prove the validity of his theories.”
High-Stakes Talks
Amid volatile discussions, Greece found itself dangerously close to exiting the eurozone.
At stake lay not only the country's destiny and those punishing austerity measures demanded in return for bailout funds from foreign lenders.
Failed Alternatives
Efforts to find funds elsewhere, including an urgent plea to the Kremlin to buy Greek government bonds, went unanswered.
Assisting Greece would be equivalent to throwing money into the garbage, the Russian leader reportedly informed his Greek counterpart in Moscow.
Referendum and Reversal
In July 2015, the harsh bailout terms were put to a popular referendum, a move which threw Europe into a further crisis of identity.
Even though the referendum was won resoundingly by those against austerity, the prime minister had little option to ignore the result then negotiate a bailout package with creditors which proved to be tougher.
Breaking Point
The ex-PM revealed how he began to doubt his finance minister quite early on.
“Varoufakis was the face of negotiation, the figure who drew publicity, who graced the front pages of magazines globally … it seemed he relished his new role.”
After Varoufakis proposed a backup strategy that included creating a secondary currency as well as distributing vouchers to retirees, the leader knew that it was game over questioning Varoufakis: “Can you be serious?”
Enduring Criticism
Within the book, the author asserts that Varoufakis demonstrated himself to be “unsuitable for an agreement demanding complex and sensitive management.”
Tsipras further claimed how his aggressive approach made him increasingly isolated with colleagues, endangered the country, while assisted hardliners who were advocating Grexit.
The retelling of events has provoked anger and stunned disbelief in some quarters, whereas the former minister has kept a deafening silence regarding these claims.
