In a recently unveiled memoir, named Ithaki, the ex- prime minister Alexis Tsipras does not hold back as he revisits the turbulent era during Greece's financial crisis.
An Unconventional Choice
In the ex-PM's account, Tsipras selected the unorthodox economist Yanis Varoufakis to be the treasury head largely because of his international reputation along with his “extremely attractive” skills when it came to public orator.
“In reality, he was, truthfully, more of a celebrity rather than an economist,” stated Tsipras.
Clashing Priorities
The former leader claims how his finance chief possessed a personal motives that involved advancing Varoufakis's books as well as experimenting with his own economic models using Greece instead of genuinely advocating its financial survival.
Tsipras noted that the negotiations to stave off bankruptcy became “not only a way to secure a better deal for Greece. They were an experiment, an historic opportunity to demonstrate the validity of Varoufakis's economic theories.”
Critical Talks
Amid rollercoaster discussions, the country came perilously close to leaving the eurozone.
At stake was both the country's destiny but also the harsh austerity measures demanded in return for rescue loans by foreign lenders.
Failed Alternatives
Efforts to find funds elsewhere, such as a desperate plea to the Kremlin to buy Greek government bonds, fell on stony ground.
Assisting the indebted country would be equivalent to throwing money into the garbage, Putin reportedly informed his Greek counterpart during their meeting.
Referendum Followed by U-Turn
That summer, those excoriating bailout terms were put to a popular referendum, an action which threw Europe into deeper existential crisis.
Although the vote was won decisively by voters who opposed the cuts, the prime minister was forced to reject its outcome and agree to a bailout package from creditors that proved to be more severe.
Breaking Point
The ex-PM claimed how he began to doubt Varoufakis relatively soon.
“Varoufakis was the face of negotiation, the figure who attracted media attention, who appeared on the front pages of magazines globally … he gave the impression he was enjoying his new role.”
When the minister proposed a backup strategy involving establishing a parallel currency as well as issuing coupons to retirees, Tsipras knew that it was game over questioning Varoufakis: “Is this for real?”
Enduring Criticism
In the memoir, Tsipras asserts that Varoufakis had proved himself “unfit for a deal that required intricate and delicate handling.”
He also claimed that Varoufakis's confrontational approach left him more and more alone with colleagues, put Greece at risk, and assisted hawks who were advocating Grexit.
The retelling of events has provoked fury along with shock among certain groups, whereas Varoufakis has kept a conspicuous quiet on the matter.
