Within his freshly published memoir, titled Ithaki, the ex- prime minister Tsipras does not hold back while he examines that turbulent period of Greece's economic turmoil.
An Unconventional Choice
As per the ex-PM's account, he appointed the maverick academic Yanis Varoufakis to be the finance minister largely due to his international reputation and his “extremely attractive” skills when it came to public orator.
“He was, in reality, more of a star rather than an economic expert,” recalled the 51-year-old.
Conflicting Priorities
Tsipras alleges how Varoufakis possessed a personal motives which involved promoting his books as well as testing out his own theories on Greece instead of genuinely advocating its economic stability.
He noted how those negotiations to avoid bankruptcy became “not only a way of achieving improved terms for Greece. They became a test, a monumental opportunity to prove the truth of his economic theories.”
Critical Talks
Amid volatile negotiations, Greece came dangerously on the brink of exiting the single currency area.
On the line lay not only the country's future and the harsh cutbacks demanded in return for financial aid by foreign lenders.
Failed Alternatives
Efforts to find financing elsewhere, such as a desperate plea to Russia to buy Greek government bonds, went unanswered.
Assisting Greece was tantamount to throwing money into the garbage, Putin reportedly informed his Greek counterpart in Moscow.
Referendum and Reversal
In July 2015, those harsh conditions were subjected to a popular referendum, an action that threw the EU into further existential crisis.
Even though the vote was carried decisively by voters against austerity, Tsipras had little option to ignore the result then negotiate a rescue deal from foreign lenders which proved to be more severe.
Final Straw
The ex-PM revealed how he began to doubt Varoufakis quite early on.
“He was the face of negotiation, the figure 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.”
When Varoufakis proposed a backup strategy that included establishing a secondary currency as well as issuing coupons to retirees, the leader knew it was the end questioning Varoufakis: “Are you serious?”
Enduring Criticism
In the book, the author concludes how his former ally had proved himself “unsuitable for an agreement that required complex and delicate handling.”
He further wrote how his confrontational approach made him more and more alone with colleagues, put Greece at risk, while helped hawks that were advocating Grexit.
The account of history has provoked fury and shock among certain groups, while Varoufakis has maintained a deafening silence regarding these claims.
