In a recently unveiled memoir, titled Ithaki, the ex- leader Alexis Tsipras does not hold back while he examines that chaotic period of Greece's financial crisis.
An Unconventional Appointment
In Tsipras's version, he appointed that unorthodox economist Yanis Varoufakis to be his treasury head primarily because of the latter's international reputation along with Varoufakis's “extremely attractive” skills as a communicator.
“He was, in reality, more like a celebrity and less of an economic expert,” stated the 51-year-old.
Clashing Agendas
The former leader claims how his finance chief possessed a personal agenda which involved promoting his books as well as experimenting with his economic models using the nation instead of truly advocating its economic stability.
Tsipras explained that those discussions to stave off insolvency became “not only a way to secure improved terms for Greece. They were an experiment, a monumental opportunity to prove the truth of Varoufakis's ideas.”
Critical Negotiations
Amid volatile discussions, the country found itself perilously close to exiting the eurozone.
At stake was both the country's destiny and those punishing austerity measures demanded in exchange for rescue loans from foreign lenders.
Unsuccessful Options
Efforts to secure financing from other sources, such as a desperate plea to the Kremlin to buy Greek bonds, were rejected.
Assisting Greece would be equivalent to tossing cash into the garbage, the Russian leader is reputed to have informed his Greek counterpart in Moscow.
Public Vote Followed by Reversal
In July 2015, the punitive conditions were put to a public vote, an action that plunged Europe into further existential crisis.
Although the referendum was carried resoundingly by those who opposed austerity, the prime minister had little option to reject its outcome then negotiate a bailout package with foreign lenders that turned out to be tougher.
Breaking Point
The ex-PM revealed that he began to doubt his finance minister relatively soon.
“Varoufakis was the face of negotiation, the man who drew publicity, who graced the front pages of magazines globally … he gave the impression he was enjoying his new role.”
When the minister outlined a contingency plan involving creating a secondary currency as well as issuing vouchers to pensioners, Tsipras said he realised that it was the end questioning Varoufakis: “Are you serious?”
Enduring Rebuke
Within the book, Tsipras asserts how Varoufakis demonstrated himself “unfit for a deal demanding intricate and delicate management.”
Tsipras also wrote that Varoufakis's confrontational style made him increasingly isolated among peers, put Greece at risk, and assisted hawks who were pushing for Grexit.
This retelling of history has provoked anger and stunned disbelief among certain groups, whereas Varoufakis has so far maintained a conspicuous quiet on the matter.
