Within his recently unveiled memoir, called Ithaki, the former premier Alexis Tsipras pulls no punches as he examines the chaotic period of Greece's financial crisis.
An Unconventional Choice
As per Tsipras's recollections, he chose the unorthodox economist Yanis Varoufakis to be the finance minister largely due to the latter's global profile and his very persuasive abilities when it came to communicator.
“In reality, he was, in reality, more of a star and less of an economic expert,” stated Tsipras.
Clashing Agendas
Tsipras alleges how Varoufakis possessed his own agenda which included advancing Varoufakis's books as well as testing out his own economic models using Greece rather than truly fighting for the country's financial survival.
Tsipras wrote that the talks to prevent insolvency became “not just a method of achieving improved terms for Greece. They became a test, an historic opportunity to demonstrate the validity of Varoufakis's ideas.”
Critical Negotiations
Amid rollercoaster negotiations, Greece found itself dangerously close to exiting the eurozone.
On the line lay both the country's future and the harsh austerity measures demanded in return for rescue loans by international creditors.
Unsuccessful Alternatives
Efforts to secure funds elsewhere, including an urgent appeal to Russia to buy Greek bonds, went unanswered.
Assisting the indebted country would be equivalent to throwing money in the trash-can, Putin reportedly informed Tsipras in Moscow.
Public Vote and U-Turn
In July 2015, those excoriating conditions were put to a popular referendum, an action which threw the EU into a further crisis of identity.
Even though the referendum was won decisively by voters against the cuts, Tsipras was forced but to ignore the result and agree to a bailout package with creditors that turned out to be tougher.
Final Straw
The ex-PM revealed how he began to doubt Varoufakis relatively soon.
“Varoufakis was the public image of the talks, the figure who drew media attention, who graced the covers of magazines the world over … he gave the impression he relished his new role.”
When Varoufakis outlined a contingency plan that included establishing a parallel currency as well as issuing vouchers to pensioners, Tsipras said he realised it was game over and asked him: “Are you serious?”
Lasting Rebuke
In the book, the author concludes how his former ally demonstrated himself to be “unfit for a deal demanding intricate and sensitive management.”
Tsipras further wrote how his confrontational approach made him increasingly isolated with colleagues, put Greece at risk, while assisted hardliners who were pushing for a Greek exit from the euro.
The retelling of events has been met with anger and shock among certain groups, whereas Varoufakis has so far kept a deafening silence regarding these claims.
