Within his freshly published memoir, titled Ithaki, the ex- prime minister Alexis Tsipras pulls no punches as he revisits the chaotic era during Greece's financial crisis.
A Controversial Choice
In Tsipras's account, he appointed the maverick economist Yanis Varoufakis as his treasury head primarily due to his worldwide fame along with Varoufakis's highly compelling skills when it came to speaker.
“He was, truthfully, more like a personality rather than an economist,” wrote Tsipras.
Clashing Priorities
The former leader suggests how Varoufakis had a personal motives which included promoting his publications and testing out his own theories using the nation rather than genuinely fighting for its financial survival.
Tsipras explained that those negotiations to prevent bankruptcy were “not just a method of achieving a better deal for Greece. They were a test, a monumental opportunity to prove the validity of Varoufakis's ideas.”
Critical Negotiations
Amid rollercoaster negotiations, the country found itself dangerously on the brink of leaving the single currency area.
At stake lay both the country's future and those harsh cutbacks demanded in exchange for financial aid by international creditors.
Failed Options
Efforts to find financing elsewhere, including a desperate appeal to Russia to buy Greek government bonds, fell on stony ground.
Helping Greece was tantamount to throwing money in the trash-can, Putin reportedly informed his Greek counterpart during their meeting.
Public Vote and U-Turn
That summer, the punitive bailout terms were put to a public vote, an action which plunged Europe into deeper existential crisis.
Although the referendum was carried decisively by those against austerity, Tsipras was forced to ignore the result and negotiate a rescue deal from creditors that turned out to be tougher.
Final Straw
Tsipras claimed how he began to doubt his finance minister quite early on.
“Varoufakis was the face of negotiation, the man who attracted media attention, who appeared on the front pages of publications the world over … he gave the impression he was enjoying his new role.”
After the minister proposed a backup strategy involving establishing a parallel currency as well as distributing coupons to retirees, Tsipras knew that it was game over and asked Varoufakis: “Can you be serious?”
Lasting Rebuke
Within the memoir, Tsipras concludes that Varoufakis had proved himself “unfit for a deal that required intricate and delicate management.”
He further claimed that his confrontational approach left him more and more alone among peers, put Greece at risk, and helped hawks that were pushing for a Greek exit from the euro.
This account of events has been met with fury and stunned disbelief among certain groups, whereas Varoufakis has maintained a conspicuous quiet regarding these claims.
