Within his newly released memoir, called Ithaki, the former prime minister Alexis Tsipras does not hold back while he revisits the chaotic period of Greece's economic turmoil.
A Controversial Appointment
In Tsipras's recollections, Tsipras selected the unorthodox economist Yanis Varoufakis as his treasury head primarily because of his worldwide fame and his very persuasive skills when it came to communicator.
“In reality, he was, actually, more of a personality rather than an economist,” wrote the 51-year-old.
Clashing Agendas
The former leader suggests how his finance chief had a personal motives which involved promoting Varoufakis's books as well as testing out his own economic models on the nation rather than genuinely fighting for the country's financial survival.
He noted that the negotiations to avoid bankruptcy were “not just a method of achieving improved terms for Greece. They were an experiment, an historic opportunity to demonstrate the truth of his economic theories.”
Critical Talks
Amid tense discussions, the country came perilously close to leaving the single currency area.
On the line lay not only Greece's future and those harsh austerity measures demanded in return for bailout funds from foreign lenders.
Unsuccessful Alternatives
Efforts to find financing elsewhere, including a desperate appeal to the Kremlin to purchase Greek government bonds, fell on stony ground.
Assisting Greece was equivalent to tossing cash into the garbage, the Russian leader reportedly informed his Greek counterpart during their meeting.
Public Vote Followed by Reversal
In July 2015, those punitive conditions were put to a popular referendum, an action which threw the EU into deeper crisis of identity.
Even though the referendum was carried resoundingly by voters who opposed austerity, the prime minister had little option but to ignore the result then negotiate a bailout package from creditors which turned out to be more severe.
Breaking Point
The ex-PM revealed that he began to doubt his finance minister relatively soon.
“He was the face of negotiation, the man who attracted publicity, who graced the front pages of magazines the world over … he gave the impression he relished the spotlight.”
When the minister outlined a contingency plan that included creating a parallel currency as well as issuing coupons to retirees, Tsipras knew that it was the end and asked him: “Is this for real?”
Lasting Criticism
Within the book, Tsipras asserts that Varoufakis had proved himself to be “unsuitable for a deal that required intricate and delicate management.”
He further claimed that his aggressive style left him more and more alone among peers, put Greece at risk, while assisted hardliners that were pushing for a Greek exit from the euro.
This retelling of history has provoked fury and stunned disbelief among certain groups, while Varoufakis has kept a deafening silence regarding these claims.
