Within his recently unveiled memoir, named Ithaki, the ex- premier Alexis Tsipras spares no criticism while he examines that chaotic era of Greece's economic turmoil.
An Unconventional Appointment
As per Tsipras's account, Tsipras appointed that unorthodox academic Yanis Varoufakis as his finance minister mainly because of the latter's international reputation along with Varoufakis's very persuasive abilities as a communicator.
“He was, in reality, more like a celebrity and less of an economic expert,” recalled Tsipras.
Clashing Priorities
Tsipras alleges that Varoufakis had his own agenda which included advancing Varoufakis's books and testing out his own theories on the nation rather than truly advocating the country's economic stability.
He noted how those discussions to stave off insolvency were “not just a method of achieving a better deal for Greece. They were an experiment, a monumental chance to demonstrate the validity of his economic theories.”
Critical Talks
During rollercoaster discussions, the country came dangerously on the brink of exiting the single currency area.
At stake lay both the country's future but also the severe austerity measures demanded in exchange for bailout funds from international creditors.
Failed Options
Attempts to secure financing from other sources, such as a desperate plea to the Kremlin to purchase Greek bonds, were rejected.
Assisting the indebted country would be tantamount to tossing cash into the garbage, the Russian leader is reputed to have told his Greek counterpart during their meeting.
Referendum and Reversal
In July 2015, the harsh bailout terms were put to a popular referendum, an action that plunged Europe into a deeper existential crisis.
Even though the vote was carried resoundingly by voters against austerity, Tsipras had little option to reject its outcome then agree to a rescue deal with foreign lenders which proved to be more severe.
Breaking Point
Tsipras claimed that he began to doubt Varoufakis relatively soon.
“He was the face of negotiation, the figure who drew publicity, who graced the covers of magazines the world over … it seemed he relished his new role.”
After Varoufakis outlined a backup strategy that included creating a parallel currency as well as distributing coupons to retirees, Tsipras said he realised it was game over questioning him: “Is this for real?”
Enduring Rebuke
Within the book, Tsipras concludes that Varoufakis demonstrated himself “unfit for a deal demanding complex and delicate handling.”
He further claimed how Varoufakis's confrontational style left him increasingly isolated among peers, endangered the country, and helped hardliners who were advocating Grexit.
This account of history has been met with fury and shock among certain groups, whereas the former minister has kept a conspicuous quiet regarding these claims.
