Within his recently unveiled memoir, named Ithaki, the former leader Alexis Tsipras pulls no punches as he examines that chaotic period of Greece's debt drama.
A Controversial Appointment
In the ex-PM's recollections, Tsipras selected that unorthodox academic Yanis Varoufakis as the finance minister mainly due to his global profile along with Varoufakis's very persuasive abilities as a public orator.
“In reality, he was, truthfully, more of a celebrity and less of an economic expert,” recalled the 51-year-old.
Conflicting Priorities
Tsipras alleges that Varoufakis possessed a personal motives which included promoting Varoufakis's publications as well as testing out his own economic models using Greece instead of genuinely fighting for its financial survival.
Tsipras explained how the talks to prevent insolvency were “not only a method of achieving improved terms for Greece. They became an experiment, an historic opportunity to prove the truth of Varoufakis's ideas.”
High-Stakes Negotiations
During tense negotiations, the country came perilously close to exiting the eurozone.
On the line was not only Greece's future and those severe austerity measures required in exchange for financial aid by international creditors.
Failed Options
Efforts to find financing elsewhere, such as a desperate plea to Russia to purchase Greek bonds, fell on stony ground.
Assisting Greece was equivalent to throwing money into the garbage, Putin reportedly told Tsipras in Moscow.
Public Vote Followed by U-Turn
That summer, the punitive bailout terms were put to a popular referendum, an action that plunged the EU into deeper crisis of identity.
Although the referendum was won resoundingly by voters against austerity, the prime minister was forced to reject its outcome then agree to a bailout package with creditors which turned out to be even harsher.
Final Straw
Tsipras revealed how he began to doubt his finance minister quite early on.
“Varoufakis was the public image of the talks, the man who attracted media attention, who appeared on the covers of publications the world over … he gave the impression he was enjoying the spotlight.”
When the minister outlined a contingency plan involving establishing a secondary currency and issuing vouchers to pensioners, the leader knew it was game over questioning Varoufakis: “Can you be serious?”
Enduring Rebuke
Within the memoir, the author concludes that Varoufakis had proved himself “unsuitable for an agreement that required intricate and delicate handling.”
Tsipras also claimed how his confrontational style left him more and more alone with colleagues, endangered the country, while assisted hardliners who were advocating a Greek exit from the euro.
The retelling of history has provoked anger and shock among certain groups, whereas the former minister has kept a conspicuous quiet on the matter.
