In a recently unveiled memoir, named Ithaki, the former prime minister Alexis Tsipras does not hold back while he revisits the chaotic era of Greece's economic turmoil.
A Controversial Appointment
As per the ex-PM's recollections, he appointed the maverick economist Yanis Varoufakis to be his finance minister largely because of the latter's international reputation and Varoufakis's “extremely attractive” abilities when it came to speaker.
“He was, actually, more of a personality rather than an economist,” recalled the 51-year-old.
Clashing Priorities
Tsipras claims that Varoufakis possessed his own motives that involved promoting Varoufakis's books as well as testing out his own theories using Greece instead of genuinely advocating the country's economic stability.
He explained how the talks to stave off bankruptcy became “not only a way of achieving a better deal for Greece. They became an experiment, an historic chance to prove the validity of Varoufakis's ideas.”
Critical Negotiations
Amid volatile discussions, the country came dangerously close to leaving the eurozone.
At stake was not only the country's destiny but also the punishing austerity policies required in return for financial aid by international creditors.
Failed Options
Attempts to find funds from other sources, such as a desperate appeal to Russia to purchase Greek government bonds, went unanswered.
Helping the indebted country would be equivalent to throwing money in the trash-can, the Russian leader is reputed to have informed Tsipras in Moscow.
Public Vote Followed by U-Turn
In July 2015, the harsh bailout terms were put to a popular referendum, a move which threw the EU into deeper crisis of identity.
Even though the referendum was carried decisively by voters who opposed the cuts, Tsipras had little option to reject its outcome then negotiate a rescue deal with creditors which proved to be tougher.
Breaking Point
Tsipras revealed how he started questioning Varoufakis quite early on.
“Varoufakis was the face of negotiation, the man who drew media attention, who appeared on the covers of publications the world over … it seemed he relished his new role.”
When the minister outlined a backup strategy that included establishing a parallel currency as well as issuing vouchers to retirees, Tsipras knew that it was game over questioning Varoufakis: “Are you serious?”
Enduring Rebuke
Within the book, Tsipras concludes that his former ally had proved himself “unsuitable for a deal that required intricate and sensitive handling.”
He further claimed how his aggressive approach made him more and more alone among peers, put Greece at risk, while assisted hawks that were pushing for a Greek exit from the euro.
This account of history has provoked fury and stunned disbelief among certain groups, while the former minister has kept a conspicuous quiet regarding these claims.
