In a freshly published memoir, titled Ithaki, the former prime minister Alexis Tsipras does not hold back while he revisits the chaotic period of Greece's financial crisis.
A Controversial Choice
As per Tsipras's recollections, Tsipras chose that unorthodox economist Yanis Varoufakis as his finance minister primarily due to the latter's international reputation along with his “extremely attractive” skills as a communicator.
“In reality, he was, truthfully, more like a personality rather than an economic expert,” stated the 51-year-old.
Clashing Agendas
Tsipras claims that Varoufakis possessed his own agenda that included promoting Varoufakis's publications and testing out his own economic models using the nation instead of genuinely fighting for the country's financial survival.
He explained that those negotiations to stave off insolvency became “not only a way of achieving a better deal for the country. They became an experiment, a monumental opportunity to prove the truth of Varoufakis's economic theories.”
High-Stakes Talks
Amid volatile negotiations, the country found itself perilously close to leaving the single currency area.
On the line lay both Greece's future and the severe austerity measures required in exchange for financial aid from international creditors.
Unsuccessful Alternatives
Efforts to secure funds from other sources, including a desperate plea to Russia to purchase Greek government bonds, went unanswered.
Assisting the indebted country would be tantamount to throwing money into the garbage, the Russian leader reportedly informed Tsipras during their meeting.
Public Vote Followed by U-Turn
That summer, the punitive conditions were subjected to a popular referendum, a move which threw the EU into a deeper crisis of identity.
Although the vote was won resoundingly by those against the cuts, Tsipras was forced to reject its outcome and agree to a rescue deal from creditors that proved to be tougher.
Breaking Point
The ex-PM revealed how he started questioning Varoufakis quite early on.
“He was the public image of negotiation, the figure who attracted publicity, who appeared on the covers of publications globally … it seemed he relished the spotlight.”
After Varoufakis outlined a backup strategy involving establishing a parallel currency and distributing vouchers to pensioners, the leader knew it was the end questioning him: “Is this for real?”
Lasting Rebuke
Within the book, Tsipras asserts how Varoufakis had proved himself to be “unfit for a deal that required intricate and sensitive management.”
Tsipras further wrote that Varoufakis's aggressive style left him increasingly isolated with colleagues, put Greece at risk, and assisted hawks who were advocating Grexit.
The account of events has provoked anger along with shock in some quarters, while the former minister has maintained a deafening silence regarding these claims.
