Within his recently unveiled memoir, titled Ithaki, the ex- leader Alexis Tsipras pulls no punches while he revisits the chaotic period during Greece's financial crisis.
A Controversial Choice
According to Tsipras's account, Tsipras selected the maverick economist Yanis Varoufakis as his treasury head primarily because of the latter's global profile and Varoufakis's highly compelling abilities when it came to communicator.
“In reality, he was, in reality, more of a personality rather than an economist,” stated Tsipras.
Conflicting Priorities
Tsipras alleges that his finance chief possessed his own motives that included advancing his publications as well as testing out his own economic models on the nation rather than truly advocating its economic stability.
Tsipras noted how those talks to avoid insolvency became “not only a way to secure a better deal for the country. They became a test, a monumental opportunity to demonstrate the validity of his theories.”
High-Stakes Negotiations
Amid volatile negotiations, the country found itself perilously close to exiting the single currency area.
On the line was both the country's future but also those severe austerity policies demanded in return for bailout funds from foreign lenders.
Failed Options
Attempts to find funds elsewhere, including a desperate plea to the Kremlin to purchase Greek bonds, were rejected.
Helping the indebted country was tantamount to tossing cash into the garbage, the Russian leader reportedly told his Greek counterpart during their meeting.
Referendum Followed by Reversal
That summer, the excoriating bailout terms were put to a popular referendum, an action that threw Europe into a deeper existential crisis.
Although the referendum was won resoundingly by those against the cuts, Tsipras was forced but to ignore the result then negotiate a bailout package with creditors that turned out to be tougher.
Breaking Point
The ex-PM revealed that he began to doubt his finance minister relatively soon.
“Varoufakis was the public image of the talks, the figure who drew media attention, who appeared on the front pages of publications globally … it seemed he was enjoying the spotlight.”
After the minister proposed a contingency plan that included creating a parallel currency as well as distributing coupons to pensioners, the leader said he realised that it was game over questioning him: “Can you be serious?”
Enduring Rebuke
Within the book, the author asserts how Varoufakis demonstrated himself to be “unsuitable for a deal that required intricate and sensitive handling.”
He also claimed that Varoufakis's confrontational approach left him more and more alone among peers, put Greece at risk, while helped hardliners who were pushing for Grexit.
This retelling of history has been met with anger and shock in some quarters, whereas the former minister has kept a conspicuous quiet regarding these claims.
