Within his recently unveiled memoir, called Ithaki, the former leader Alexis Tsipras pulls no punches while he examines that turbulent period of Greece's economic turmoil.
A Controversial Choice
In the ex-PM's recollections, Tsipras selected that unorthodox economist Yanis Varoufakis to be the finance minister largely due to the latter's international reputation and Varoufakis's highly compelling skills when it came to public orator.
“He was, actually, more of a celebrity and less of an economic expert,” recalled Tsipras.
Conflicting Priorities
The former leader suggests how his finance chief possessed a personal agenda that included promoting Varoufakis's publications and testing out his game theories on the nation rather than truly advocating the country's financial survival.
He explained that the talks to prevent bankruptcy were “not only a way to secure a better deal for the country. They became an experiment, an historic opportunity to demonstrate the truth of his economic theories.”
Critical Talks
Amid volatile negotiations, the country found itself perilously close to leaving the single currency area.
On the line was both Greece's destiny but also those punishing cutbacks demanded in return for financial aid by international creditors.
Failed Alternatives
Efforts to secure financing elsewhere, including a desperate plea to the Kremlin to purchase Greek government bonds, went unanswered.
Helping Greece was tantamount to throwing money in the trash-can, the Russian leader reportedly informed his Greek counterpart in Moscow.
Referendum and U-Turn
That summer, the excoriating bailout terms were subjected to a popular referendum, an action that plunged Europe into further crisis of identity.
Although the vote was carried decisively by voters against the cuts, the prime minister had little option but to ignore the result then agree to a bailout package from foreign lenders that proved to be more severe.
Final Straw
Tsipras revealed how he started questioning his finance minister quite early on.
“He was the public image of negotiation, the figure who drew publicity, who appeared on the covers of magazines globally … it seemed he was enjoying his new role.”
When the minister proposed a backup strategy involving creating a parallel currency as well as distributing vouchers to retirees, Tsipras said he realised it was the end questioning Varoufakis: “Can you be serious?”
Enduring Criticism
In the memoir, the author asserts how Varoufakis had proved himself “unfit for a deal demanding complex and sensitive handling.”
He further wrote that his aggressive style made him increasingly isolated with colleagues, endangered the country, while helped hardliners that were pushing for Grexit.
The retelling of history has been met with fury along with shock among certain groups, whereas the former minister has kept a conspicuous quiet on the matter.
