In a recently unveiled memoir, called Ithaki, the ex- premier Alexis Tsipras pulls no punches as he reflects on the chaotic era of Greece's economic turmoil.
A Controversial Appointment
As per Tsipras's account, he appointed that unorthodox economist Yanis Varoufakis as the treasury head primarily because of the latter's global profile along with his highly compelling abilities as a communicator.
“In reality, he was, in reality, more of a personality rather than an economic expert,” stated the 51-year-old.
Clashing Agendas
The former leader alleges that Varoufakis had his own motives that included promoting Varoufakis's books and testing out his own theories using the nation rather than truly fighting for its financial survival.
Tsipras noted that the negotiations to prevent insolvency became “not just a method of achieving improved terms for the country. They became an experiment, a monumental opportunity to demonstrate the truth of Varoufakis's theories.”
Critical Negotiations
Amid volatile negotiations, the country found itself dangerously on the brink of exiting the eurozone.
On the line lay not only Greece's future and the punishing cutbacks required in exchange for rescue loans from international creditors.
Failed Options
Attempts to find financing elsewhere, including a desperate plea to the Kremlin to buy Greek government bonds, fell on stony ground.
Helping Greece would be tantamount to tossing cash in the trash-can, the Russian leader reportedly informed his Greek counterpart in Moscow.
Public Vote Followed by Reversal
That summer, the harsh bailout terms were subjected to a popular referendum, an action that plunged Europe into a further crisis of identity.
Even though the vote was won decisively by voters against austerity, the prime minister had little option but to reject its outcome then negotiate a rescue deal from creditors that turned out to be tougher.
Final Straw
The ex-PM revealed that he started questioning his finance minister quite early on.
“He was the face of negotiation, the figure who drew media attention, who graced the covers of magazines globally … it seemed he was enjoying the spotlight.”
When Varoufakis outlined a contingency plan involving creating a secondary currency as well as distributing coupons to retirees, the leader said he realised that it was the end and asked him: “Is this for real?”
Enduring Criticism
In the memoir, Tsipras asserts how Varoufakis had proved himself to be “unfit for a deal that required intricate and delicate management.”
He further wrote that Varoufakis's aggressive approach made him increasingly isolated with colleagues, endangered the country, while helped hardliners who were pushing for Grexit.
This retelling of history has provoked fury and stunned disbelief among certain groups, while the former minister has so far maintained a deafening silence on the matter.
