In a freshly published personal account, titled Ithaki, the former premier Alexis Tsipras pulls no punches while he examines that chaotic era of Greece's financial crisis.
An Unconventional Appointment
As per the ex-PM's account, Tsipras chose that maverick academic Yanis Varoufakis to be the finance minister largely due to the latter's worldwide fame and his “extremely attractive” skills when it came to speaker.
“He was, actually, more like a celebrity rather than an economic expert,” stated Tsipras.
Conflicting Priorities
Tsipras claims how his finance chief had his own motives that involved advancing his books and experimenting with his theories on the nation rather than truly fighting for the country's financial survival.
He noted that those talks to prevent insolvency were “not just a method to secure improved terms for Greece. They became a test, an historic chance to demonstrate the truth of Varoufakis's economic theories.”
Critical Negotiations
Amid volatile discussions, Greece came dangerously on the brink of leaving the eurozone.
At stake lay not only Greece's future but also those punishing austerity policies required in exchange for financial aid from international creditors.
Failed Alternatives
Attempts to find funds elsewhere, including an urgent plea to the Kremlin to buy Greek bonds, were rejected.
Helping Greece would be tantamount to throwing money into the garbage, Putin reportedly told his Greek counterpart in Moscow.
Referendum and Reversal
In July 2015, the harsh conditions were subjected to a popular referendum, a move that plunged the EU into further existential crisis.
Although the referendum was won decisively by those who opposed austerity, the prime minister was forced to ignore the result and negotiate a bailout package with foreign lenders that proved to be tougher.
Final Straw
Tsipras claimed that he began to doubt his finance minister quite early on.
“Varoufakis was the face of the talks, the man who drew publicity, who graced the covers of publications globally … it seemed he was enjoying the spotlight.”
After Varoufakis outlined a contingency plan that included establishing a parallel currency and distributing vouchers to retirees, Tsipras knew it was the end and asked Varoufakis: “Is this for real?”
Enduring Criticism
In the memoir, Tsipras asserts how Varoufakis demonstrated himself to be “unsuitable for an agreement demanding intricate and delicate handling.”
Tsipras further wrote that his confrontational approach left him increasingly isolated with colleagues, endangered the country, and assisted hawks that were advocating a Greek exit from the euro.
The account of history has provoked anger and stunned disbelief among certain groups, while Varoufakis has so far maintained a deafening silence on the matter.
