In a newly released memoir, named Ithaki, the ex- premier Alexis Tsipras pulls no punches as he examines the chaotic era during Greece's economic turmoil.
An Unconventional Choice
According to the ex-PM's recollections, Tsipras selected that maverick economist Yanis Varoufakis as his treasury head primarily because of his global profile along with his very persuasive abilities when it came to public orator.
“He was, actually, more of a star and less of an economist,” wrote the 51-year-old.
Conflicting Priorities
Tsipras alleges that his finance chief possessed a personal agenda that involved advancing Varoufakis's publications and testing out his own theories on the nation rather than genuinely fighting for the country's economic stability.
He wrote that the discussions to stave off insolvency became “not just a way to secure improved terms for the country. They were a test, a monumental opportunity to demonstrate the truth of his ideas.”
Critical Negotiations
During rollercoaster discussions, Greece found itself perilously close to exiting the eurozone.
On the line was both the country's destiny but also those punishing cutbacks required in return for financial aid from foreign lenders.
Unsuccessful Alternatives
Efforts to secure funds elsewhere, such as an urgent plea to Russia to purchase Greek government bonds, were rejected.
Helping Greece was tantamount to tossing cash in the trash-can, Putin reportedly told his Greek counterpart in Moscow.
Referendum and U-Turn
In July 2015, those excoriating bailout terms were put to a public vote, an action which plunged the EU into further existential crisis.
Although the referendum was won resoundingly by those who opposed austerity, the prime minister was forced to reject its outcome then agree to a bailout package from creditors that proved to be more severe.
Breaking Point
The ex-PM claimed that he began to doubt his finance minister quite early on.
“He was the face of the talks, the man who attracted media attention, who graced the covers of publications the world over … he gave the impression he relished the spotlight.”
After the minister proposed a contingency plan that included creating a parallel currency as well as distributing coupons to pensioners, the leader knew that it was game over questioning Varoufakis: “Is this for real?”
Lasting Criticism
Within the book, the author concludes how his former ally had proved himself “unfit for a deal demanding intricate and delicate management.”
He also wrote that Varoufakis's aggressive style left him increasingly isolated with colleagues, put Greece at risk, while assisted hardliners who were advocating Grexit.
The account of history has provoked fury along with stunned disbelief among certain groups, whereas Varoufakis has kept a deafening silence on the matter.
