In a newly released memoir, titled Ithaki, the ex- premier Alexis Tsipras does not hold back while he examines the chaotic period of Greece's economic turmoil.
An Unconventional Appointment
As per the ex-PM's account, Tsipras appointed that unorthodox academic Yanis Varoufakis as his finance minister primarily because of the latter's international reputation and his very persuasive skills when it came to speaker.
“In reality, he was, in reality, more like a celebrity rather than an economic expert,” stated Tsipras.
Clashing Priorities
Tsipras suggests how Varoufakis possessed his own agenda that involved advancing his publications as well as testing out his theories using Greece instead of truly fighting for the country's financial survival.
Tsipras noted how those discussions to avoid insolvency became “not only a way of achieving improved terms for the country. They were a test, an historic opportunity to prove the truth of his theories.”
High-Stakes Talks
Amid rollercoaster discussions, the country found itself dangerously close to exiting the single currency area.
At stake lay both the country's destiny but also those harsh austerity measures required in return for financial aid from international creditors.
Unsuccessful Options
Efforts to secure funds from other sources, including an urgent appeal to Russia to buy Greek government bonds, fell on stony ground.
Assisting the indebted country would be equivalent to tossing cash into the garbage, the Russian leader reportedly told his Greek counterpart in Moscow.
Referendum and U-Turn
That summer, the harsh bailout terms were subjected to a popular referendum, an action that threw Europe into deeper crisis of identity.
Even though the vote was won resoundingly by voters who opposed austerity, the prime minister was forced to ignore the result and agree to a bailout package with foreign lenders which turned out to be more severe.
Breaking Point
Tsipras revealed that he began to doubt Varoufakis relatively soon.
“Varoufakis was the public image of the talks, the figure who attracted publicity, who appeared on the front pages of magazines globally … it seemed he relished his new role.”
When the minister outlined a contingency plan that included establishing a secondary currency as well as distributing vouchers to retirees, the leader said he realised that it was the end and asked him: “Is this for real?”
Lasting Rebuke
Within the book, Tsipras concludes how his former ally had proved himself to be “unfit for an agreement that required complex and delicate management.”
He further claimed that Varoufakis's confrontational style made him more and more alone with colleagues, endangered the country, and helped hardliners that were pushing for a Greek exit from the euro.
This retelling of history has been met with fury and stunned disbelief in some quarters, while the former minister has maintained a conspicuous quiet regarding these claims.
