In a recently unveiled memoir, titled Ithaki, the former leader Alexis Tsipras pulls no punches as he reflects on that chaotic era of Greece's financial crisis.
An Unconventional Appointment
As per Tsipras's account, Tsipras chose that maverick academic Yanis Varoufakis as the treasury head largely because of the latter's worldwide fame and his highly compelling skills as a speaker.
“In reality, he was, in reality, more of a celebrity and less of an economist,” stated Tsipras.
Conflicting Priorities
The former leader claims that Varoufakis possessed his own agenda which included advancing Varoufakis's publications and experimenting with his theories using Greece instead of truly fighting for the country's economic stability.
Tsipras wrote that the talks to prevent bankruptcy became “not only a way of achieving improved terms for Greece. They became an experiment, an historic opportunity to demonstrate the validity of Varoufakis's economic theories.”
Critical Talks
Amid volatile discussions, the country found itself perilously on the brink of exiting the single currency area.
On the line was not only Greece's destiny and the harsh austerity measures demanded in return for rescue loans from international creditors.
Failed Options
Attempts to find financing elsewhere, including an urgent plea to the Kremlin to buy Greek bonds, were rejected.
Helping Greece would be tantamount to tossing cash in the trash-can, Putin reportedly informed Tsipras during their meeting.
Public Vote Followed by Reversal
In July 2015, the punitive conditions were subjected to a public vote, a move which threw the EU into further existential crisis.
Even though the vote was carried decisively by voters against the cuts, Tsipras was forced but to reject its outcome and agree to a bailout package from creditors which proved to be more severe.
Breaking Point
The ex-PM claimed that he started questioning his finance minister quite early on.
“Varoufakis was the face of negotiation, the man who attracted publicity, who appeared on the covers of publications the world over … it seemed he was enjoying the spotlight.”
After the minister outlined a backup strategy involving creating a parallel currency as well as distributing coupons to retirees, the leader said he realised that it was the end questioning him: “Can you be serious?”
Enduring Criticism
In the book, Tsipras concludes that Varoufakis demonstrated himself to be “unsuitable for a deal that required intricate and delicate management.”
He also claimed how his confrontational approach left him more and more alone with colleagues, endangered the country, while helped hardliners who were pushing for a Greek exit from the euro.
This retelling of history has been met with fury and stunned disbelief in some quarters, whereas Varoufakis has so far kept a conspicuous quiet on the matter.
