In a newly released memoir, named Ithaki, the ex- prime minister Alexis Tsipras does not hold back while he revisits the chaotic era of Greece's economic turmoil.
A Controversial Appointment
As per Tsipras's version, Tsipras chose that maverick academic Yanis Varoufakis to be his finance minister primarily because of the latter's international reputation and Varoufakis's “extremely attractive” abilities when it came to public orator.
“In reality, he was, actually, more like a personality rather than an economist,” wrote Tsipras.
Conflicting Priorities
The former leader alleges how Varoufakis possessed his own motives which included advancing Varoufakis's publications as well as testing out his theories on the nation rather than truly advocating its financial survival.
Tsipras wrote how the negotiations to avoid insolvency became “not just a way of achieving improved terms for Greece. They were a test, a monumental opportunity to demonstrate the truth of his economic theories.”
Critical Negotiations
During tense discussions, Greece found itself perilously on the brink of leaving the single currency area.
On the line lay not only Greece's future but also those severe austerity policies demanded in exchange for bailout funds from international creditors.
Unsuccessful Options
Efforts to secure financing from other sources, including an urgent plea to Russia to buy Greek government bonds, fell on stony ground.
Helping the indebted country would be tantamount to throwing money in the trash-can, Putin reportedly informed his Greek counterpart in Moscow.
Referendum Followed by U-Turn
In July 2015, those punitive bailout terms were subjected to a popular referendum, an action that threw Europe into a deeper crisis of identity.
Even though the vote was won resoundingly by voters who opposed austerity, the prime minister was forced to ignore the result and agree to a rescue deal from creditors which turned out to be even harsher.
Final Straw
The ex-PM revealed that he started questioning his finance minister relatively soon.
“He was the public image of negotiation, the man who attracted publicity, who graced the covers of publications globally … he gave the impression he relished his new role.”
When Varoufakis outlined a backup strategy that included establishing a parallel currency and distributing coupons to pensioners, Tsipras knew it was the end and asked Varoufakis: “Are you serious?”
Enduring Rebuke
In the memoir, Tsipras asserts how his former ally demonstrated himself “unsuitable for a deal that required intricate and delicate management.”
Tsipras also wrote that his aggressive style left him increasingly isolated among peers, endangered the country, and helped hardliners that were advocating a Greek exit from the euro.
This account of history has provoked fury along with stunned disbelief among certain groups, while the former minister has maintained a conspicuous quiet on the matter.
