Within his recently unveiled autobiography, titled Ithaki, the former prime minister Alexis Tsipras pulls no punches while he reflects on that chaotic era of Greece's financial crisis.
An Unconventional Choice
As per the ex-PM's recollections, Tsipras selected the maverick academic Yanis Varoufakis as the finance minister primarily because of his international reputation and his “extremely attractive” abilities when it came to communicator.
“He was, truthfully, more of a celebrity rather than an economic expert,” wrote the 51-year-old.
Clashing Priorities
The former leader alleges how his finance chief had a personal motives that involved advancing his publications as well as experimenting with his theories on the nation instead of genuinely advocating the country's economic stability.
He wrote how those talks to stave off insolvency were “not just a method of achieving improved terms for Greece. They were an experiment, an historic chance to prove the validity of his theories.”
Critical Negotiations
Amid rollercoaster negotiations, the country came dangerously on the brink of leaving the single currency area.
On the line was both the country's future and those severe austerity policies demanded in return for financial aid by international creditors.
Failed Options
Attempts to secure financing elsewhere, including a desperate plea to the Kremlin to buy Greek bonds, were rejected.
Assisting the indebted country was equivalent to throwing money into the garbage, Putin reportedly informed his Greek counterpart during their meeting.
Referendum and U-Turn
In July 2015, the harsh conditions were subjected to a popular referendum, an action that threw the EU into a further crisis of identity.
Even though the referendum was won decisively by voters who opposed the cuts, the prime minister was forced but to ignore the result and agree to a bailout package with foreign lenders which turned out to be tougher.
Breaking Point
The ex-PM revealed that he began to doubt his finance minister quite early on.
“Varoufakis was the public image of negotiation, the figure who attracted publicity, who appeared on the front pages of publications the world over … he gave the impression he was enjoying the spotlight.”
After the minister outlined a backup strategy that included creating a secondary currency as well as distributing coupons to pensioners, the leader knew that it was game over questioning him: “Can you be serious?”
Enduring Criticism
In the memoir, Tsipras concludes how his former ally had proved himself to be “unfit for a deal that required intricate and sensitive management.”
He further claimed how his aggressive approach made him increasingly isolated among peers, put Greece at risk, while assisted hawks who were pushing for a Greek exit from the euro.
The account of history has been met with fury and shock among certain groups, while Varoufakis has so far maintained a deafening silence regarding these claims.
