Within his newly released personal account, called Ithaki, the former leader Alexis Tsipras does not hold back as he examines that turbulent era of Greece's financial crisis.
An Unconventional Appointment
In Tsipras's version, he appointed that maverick academic Yanis Varoufakis as his finance minister primarily because of the latter's global profile along with his “extremely attractive” skills as a public orator.
“He was, truthfully, more of a personality and less of an economist,” wrote the 51-year-old.
Clashing Agendas
The former leader suggests that Varoufakis had a personal agenda that involved advancing his books as well as experimenting with his economic models on the nation instead of truly advocating the country's financial survival.
Tsipras wrote how the talks to avoid bankruptcy became “not only a method to secure improved terms for Greece. They became an experiment, a monumental opportunity to prove the validity of Varoufakis's theories.”
High-Stakes Talks
During tense negotiations, the country found itself perilously close to exiting the single currency area.
On the line was not only Greece's future and those severe austerity measures demanded in return for financial aid from international creditors.
Unsuccessful Options
Efforts to secure funds elsewhere, including a desperate plea to the Kremlin to purchase Greek bonds, went unanswered.
Helping the indebted country was equivalent to tossing cash into the garbage, the Russian leader is reputed to have informed Tsipras during their meeting.
Public Vote and Reversal
In July 2015, those punitive conditions were put to a public vote, an action that threw the EU into deeper crisis of identity.
Although the referendum was carried decisively by voters who opposed austerity, the prime minister had little option to ignore the result then negotiate a bailout package from foreign lenders which turned out to be even harsher.
Final Straw
The ex-PM claimed that he started questioning his finance minister relatively soon.
“He was the face of the talks, the figure who drew publicity, who appeared on the front pages of publications globally … it seemed he was enjoying his new role.”
When Varoufakis proposed a backup strategy that included creating a parallel currency and distributing vouchers to retirees, the leader knew that it was game over questioning Varoufakis: “Is this for real?”
Enduring Criticism
In the memoir, the author concludes that his former ally had proved himself “unsuitable for a deal demanding complex and sensitive handling.”
Tsipras further claimed that his confrontational style made him more and more alone with colleagues, put Greece at risk, while assisted hardliners who were pushing for a Greek exit from the euro.
This account of history has provoked fury and stunned disbelief among certain groups, whereas Varoufakis has so far kept a conspicuous quiet regarding these claims.
