Within his recently unveiled memoir, named Ithaki, the former premier Alexis Tsipras does not hold back while he examines the turbulent era of Greece's financial crisis.
An Unconventional Appointment
In Tsipras's recollections, Tsipras chose the maverick economist Yanis Varoufakis to be his finance minister primarily due to his international reputation along with his highly compelling abilities when it came to public orator.
“In reality, he was, in reality, more of a celebrity and less of an economist,” recalled the 51-year-old.
Conflicting Agendas
Tsipras claims how Varoufakis had his own motives which included advancing his books and experimenting with his theories using the nation rather than truly fighting for the country's economic stability.
Tsipras explained how the discussions to prevent insolvency were “not only a way of achieving improved terms for the country. They became a test, a monumental opportunity to prove the truth of Varoufakis's theories.”
Critical Negotiations
Amid volatile negotiations, Greece found itself perilously on the brink of leaving the single currency area.
At stake was both the country's future but also those harsh austerity measures demanded in exchange for financial aid from foreign lenders.
Failed Alternatives
Efforts to secure financing elsewhere, including a desperate plea to Russia to purchase Greek bonds, went unanswered.
Assisting the indebted country was equivalent to throwing money in the trash-can, the Russian leader reportedly told Tsipras in Moscow.
Referendum and U-Turn
That summer, those punitive bailout terms were put to a popular referendum, a move which threw the EU into a further existential crisis.
Although the vote was carried decisively by those who opposed austerity, Tsipras had little option to ignore the result then agree to a bailout package from foreign lenders that proved to be even harsher.
Final Straw
The ex-PM claimed that he began to doubt Varoufakis relatively soon.
“He was the face of the talks, the figure who drew media attention, who appeared on the covers of publications the world over … it seemed he was enjoying his new role.”
After Varoufakis proposed a backup strategy that included creating a secondary currency and issuing coupons to retirees, Tsipras knew that it was the end questioning him: “Is this for real?”
Enduring Criticism
In the memoir, Tsipras concludes how Varoufakis had proved himself to be “unfit for a deal that required intricate and delicate handling.”
Tsipras also claimed that Varoufakis's confrontational approach left him more and more alone with colleagues, endangered the country, while assisted hawks who were pushing for a Greek exit from the euro.
The retelling of history has provoked fury and stunned disbelief among certain groups, whereas the former minister has kept a conspicuous quiet regarding these claims.
