In a newly released memoir, named Ithaki, the former prime minister Alexis Tsipras does not hold back while he examines the chaotic era of Greece's financial crisis.
A Controversial Appointment
In Tsipras's account, he chose that maverick economist Yanis Varoufakis to be his finance minister mainly because of the latter's worldwide fame along with Varoufakis's “extremely attractive” skills when it came to speaker.
“In reality, he was, truthfully, more like a personality and less of an economic expert,” recalled Tsipras.
Clashing Agendas
Tsipras claims that his finance chief had a personal agenda which involved advancing Varoufakis's books and experimenting with his own economic models using Greece rather than truly advocating the country's economic stability.
Tsipras noted that the talks to stave off bankruptcy were “not just a method to secure improved terms for the country. They became a test, a monumental opportunity to prove the truth of Varoufakis's theories.”
Critical Talks
Amid tense discussions, Greece found itself perilously close to leaving the eurozone.
At stake was both the country's future and the harsh cutbacks required in return for bailout funds by foreign lenders.
Unsuccessful Options
Attempts to secure financing elsewhere, including a desperate plea to Russia to purchase Greek government bonds, were rejected.
Assisting the indebted country was tantamount to tossing cash in the trash-can, the Russian leader is reputed to have informed his Greek counterpart during their meeting.
Public Vote and U-Turn
That summer, the excoriating bailout terms were subjected to a public vote, an action which threw the EU into further existential crisis.
Although the referendum was won resoundingly by those who opposed the cuts, the prime minister had little option to ignore the result then negotiate a rescue deal from creditors that turned out to be even harsher.
Breaking Point
Tsipras revealed that he began to doubt his finance minister relatively soon.
“He was the face of negotiation, the man who drew publicity, who graced the front pages of publications the world over … it seemed he was enjoying the spotlight.”
After Varoufakis outlined a contingency plan that included establishing a parallel currency and issuing coupons to retirees, the leader knew that it was the end questioning him: “Is this for real?”
Lasting Criticism
Within the book, the author concludes how Varoufakis had proved himself to be “unfit for a deal that required intricate and delicate handling.”
Tsipras further wrote how Varoufakis's confrontational approach made him more and more alone among peers, endangered the country, and assisted hawks who were advocating Grexit.
This account of history has been met with anger along with stunned disbelief in some quarters, while Varoufakis has so far maintained a deafening silence on the matter.
