In a newly released memoir, titled Ithaki, the former premier Alexis Tsipras does not hold back while he revisits that chaotic era of Greece's financial crisis.
An Unconventional Appointment
As per Tsipras's version, Tsipras appointed that maverick economist Yanis Varoufakis to be the finance minister primarily due to the latter's worldwide fame along with Varoufakis's highly compelling skills as a speaker.
“He was, truthfully, more of a star and less of an economist,” wrote Tsipras.
Conflicting Agendas
The former leader suggests that his finance chief possessed his own agenda that included promoting his publications as well as experimenting with his own theories using the nation instead of truly fighting for its economic stability.
Tsipras wrote how the discussions to stave off bankruptcy became “not only a method of achieving a better deal for the country. They were a test, a monumental opportunity to prove the validity of his theories.”
High-Stakes Talks
During rollercoaster discussions, Greece came perilously close to leaving the single currency area.
On the line was both the country's destiny and those harsh austerity policies required in exchange for rescue loans from international creditors.
Failed Options
Efforts to secure funds from other sources, such as an urgent appeal to Russia to purchase Greek bonds, were rejected.
Assisting the indebted country would be equivalent to tossing cash in the trash-can, the Russian leader reportedly informed Tsipras during their meeting.
Referendum and U-Turn
That summer, the harsh conditions were put to a popular referendum, a move that threw Europe into a further crisis of identity.
Although the referendum was carried resoundingly by those who opposed austerity, the prime minister was forced but to ignore the result and negotiate a bailout package with foreign lenders which proved to be tougher.
Breaking Point
Tsipras claimed how he began to doubt Varoufakis quite early on.
“He was the face of negotiation, the man who attracted publicity, who graced the covers of magazines the world over … it seemed he was enjoying his new role.”
When the minister outlined a contingency plan that included establishing a parallel currency and issuing coupons to retirees, the leader knew it was the end questioning Varoufakis: “Is this for real?”
Enduring Criticism
Within the book, Tsipras asserts that his former ally demonstrated himself “unsuitable for a deal that required complex and delicate handling.”
Tsipras also wrote that Varoufakis's confrontational approach made him increasingly isolated with colleagues, put Greece at risk, while helped hardliners who were advocating Grexit.
This retelling of events has been met with fury and stunned disbelief among certain groups, while the former minister has so far maintained a conspicuous quiet on the matter.
