In a freshly published memoir, called Ithaki, the ex- premier Alexis Tsipras does not hold back as he revisits the chaotic era during Greece's financial crisis.
An Unconventional Appointment
According to Tsipras's account, Tsipras chose the maverick economist Yanis Varoufakis to be the finance minister primarily due to the latter's worldwide fame along with Varoufakis's very persuasive abilities as a speaker.
“He was, in reality, more like a celebrity rather than an economic expert,” stated Tsipras.
Clashing Agendas
The former leader alleges that Varoufakis possessed a personal motives that involved promoting Varoufakis's books and experimenting with his economic models using Greece instead of genuinely fighting for the country's economic stability.
He wrote that those talks to prevent insolvency became “not only a way of achieving a better deal for the country. They became an experiment, a monumental opportunity to prove the truth of Varoufakis's ideas.”
High-Stakes Talks
Amid rollercoaster negotiations, the country came dangerously on the brink of exiting the eurozone.
On the line lay not only Greece's destiny and those severe cutbacks demanded in return for rescue loans from foreign lenders.
Unsuccessful Alternatives
Efforts to find funds elsewhere, such as an urgent plea to Russia to purchase Greek bonds, fell on stony ground.
Helping the indebted country was equivalent to tossing cash into the garbage, Putin reportedly told Tsipras during their meeting.
Public Vote and Reversal
That summer, the punitive bailout terms were subjected to a public vote, an action which threw Europe into a deeper crisis of identity.
Even though the referendum was won resoundingly by those who opposed the cuts, Tsipras had little option but to ignore the result then negotiate a rescue deal with foreign lenders that turned out to be tougher.
Final Straw
The ex-PM revealed how he started questioning his finance minister quite early on.
“Varoufakis was the public image of the talks, the figure who attracted publicity, who appeared on the front pages of magazines the world over … he gave the impression he was enjoying the spotlight.”
When Varoufakis proposed a contingency plan that included creating a secondary currency as well as issuing coupons to retirees, Tsipras knew that it was game over questioning Varoufakis: “Are you serious?”
Enduring Criticism
Within the memoir, Tsipras concludes how his former ally had proved himself “unfit for a deal demanding complex and delicate handling.”
Tsipras also claimed how Varoufakis's aggressive approach left him increasingly isolated with colleagues, endangered the country, and helped hardliners who were pushing for a Greek exit from the euro.
The account of history has been met with fury along with stunned disbelief among certain groups, whereas Varoufakis has so far kept a deafening silence regarding these claims.
