Within his newly released personal account, titled Ithaki, the former premier Alexis Tsipras does not hold back as he reflects on the chaotic period of Greece's financial crisis.
An Unconventional Appointment
According to Tsipras's account, Tsipras selected that unorthodox economist Yanis Varoufakis as the treasury head mainly due to the latter's international reputation along with Varoufakis's highly compelling abilities when it came to speaker.
“He was, in reality, more of a celebrity rather than an economist,” stated the 51-year-old.
Clashing Priorities
The former leader alleges that his finance chief possessed a personal motives which involved advancing his books and testing out his own economic models using the nation instead of genuinely advocating the country's economic stability.
He noted that those talks to avoid bankruptcy were “not just a way of achieving a better deal for the country. They were an experiment, an historic opportunity to demonstrate the truth of his economic theories.”
High-Stakes Negotiations
During volatile discussions, Greece came perilously close to leaving the single currency area.
At stake was not only Greece's destiny and the severe austerity policies demanded in return for rescue loans from foreign lenders.
Unsuccessful Alternatives
Efforts to secure funds from other sources, including a desperate plea to the Kremlin to buy Greek bonds, fell on stony ground.
Assisting Greece would be tantamount to tossing cash into the garbage, the Russian leader reportedly told Tsipras in Moscow.
Referendum and U-Turn
In July 2015, the excoriating bailout terms were subjected to a popular referendum, an action which plunged Europe into a deeper crisis of identity.
Even though the referendum was carried decisively by voters who opposed austerity, Tsipras had little option but to reject its outcome then negotiate a rescue deal from creditors which turned out to be tougher.
Final Straw
Tsipras claimed that he started questioning his finance minister quite early on.
“He was the public image of the talks, the man who drew media attention, who appeared on the front pages of magazines the world over … he gave the impression he relished his new role.”
After Varoufakis outlined a backup strategy that included establishing a parallel currency as well as issuing coupons to pensioners, Tsipras said he realised it was game over questioning him: “Are you serious?”
Enduring Rebuke
Within the memoir, the author asserts how Varoufakis had proved himself “unsuitable for a deal demanding complex and sensitive management.”
He further claimed that Varoufakis's confrontational approach made him increasingly isolated with colleagues, endangered the country, while helped hardliners who were advocating Grexit.
This account of history has provoked anger along with shock among certain groups, whereas Varoufakis has so far kept a conspicuous quiet on the matter.
