Within his newly released memoir, named Ithaki, the ex- leader Alexis Tsipras does not hold back while he examines the chaotic era of Greece's financial crisis.
An Unconventional Appointment
In the ex-PM's version, he appointed that unorthodox economist Yanis Varoufakis to be the finance minister primarily due to the latter's global profile along with his very persuasive skills as a communicator.
“He was, truthfully, more of a star rather than an economist,” stated the 51-year-old.
Clashing Agendas
The former leader suggests how his finance chief possessed a personal agenda that involved promoting Varoufakis's books as well as testing out his own theories on Greece rather than truly fighting for its financial survival.
Tsipras wrote that those talks to avoid bankruptcy were “not only a method to secure improved terms for the country. They became an experiment, a monumental chance to prove the truth of his ideas.”
High-Stakes Talks
Amid tense negotiations, the country found itself perilously on the brink of leaving the single currency area.
On the line was both the country's future and those severe austerity measures demanded in exchange for financial aid from international creditors.
Failed Alternatives
Attempts to find financing from other sources, such as an urgent appeal to Russia to buy Greek government bonds, went unanswered.
Helping Greece was tantamount to tossing cash into the garbage, Putin is reputed to have informed Tsipras in Moscow.
Referendum and U-Turn
That summer, the excoriating bailout terms were subjected to a public vote, an action that threw the EU into a deeper crisis of identity.
Although the vote was won resoundingly by those who opposed the cuts, the prime minister had little option but to ignore the result then agree to a bailout package with creditors that proved to be even harsher.
Final Straw
Tsipras claimed how he started questioning Varoufakis quite early on.
“Varoufakis was the face of negotiation, the figure who drew publicity, who graced the front pages of magazines globally … it seemed he relished the spotlight.”
When the minister outlined a contingency plan that included creating a parallel currency and distributing vouchers to pensioners, Tsipras knew it was game over and asked Varoufakis: “Can you be serious?”
Lasting Rebuke
In the memoir, Tsipras asserts how his former ally had proved himself “unfit for a deal demanding complex and delicate management.”
He also claimed how Varoufakis's aggressive approach left him increasingly isolated with colleagues, put Greece at risk, and assisted hawks that were advocating Grexit.
The account of history has been met with anger along with shock in some quarters, whereas Varoufakis has kept a deafening silence on the matter.
