Within his newly released memoir, called Ithaki, the ex- premier Alexis Tsipras spares no criticism while he examines the chaotic period of Greece's financial crisis.
An Unconventional Choice
As per Tsipras's account, Tsipras appointed that unorthodox economist Yanis Varoufakis to be the finance minister primarily due to the latter's global profile and his “extremely attractive” skills when it came to public orator.
“He was, truthfully, more like a celebrity and less of an economic expert,” wrote Tsipras.
Conflicting Priorities
Tsipras alleges how his finance chief possessed his own motives which involved promoting Varoufakis's books as well as experimenting with his own game theories on Greece instead of truly fighting for the country's economic stability.
Tsipras explained that those talks to prevent bankruptcy became “not only a method of achieving improved terms for the country. They were an experiment, an historic chance to demonstrate the truth of Varoufakis's ideas.”
High-Stakes Negotiations
Amid volatile negotiations, Greece found itself dangerously on the brink of exiting the single currency area.
On the line lay not only the country's future and the punishing austerity policies demanded in return for financial aid by foreign lenders.
Unsuccessful Options
Attempts to secure financing from other sources, such as a desperate appeal to Russia to purchase Greek bonds, were rejected.
Assisting the indebted country would be equivalent to tossing cash in the trash-can, Putin is reputed to have told Tsipras in Moscow.
Referendum and Reversal
In July 2015, the punitive conditions were subjected to a popular referendum, an action that plunged Europe into deeper crisis of identity.
Although the referendum was won resoundingly by voters who opposed the cuts, the prime minister had little option to reject its outcome then negotiate a rescue deal with foreign lenders which proved to be tougher.
Final Straw
Tsipras revealed how he started questioning his finance minister relatively soon.
“He was the face of the talks, the man who attracted media attention, who appeared on the front pages of publications the world over … he gave the impression he was enjoying the spotlight.”
When Varoufakis proposed a contingency plan involving establishing a secondary currency and distributing vouchers to retirees, Tsipras said he realised it was game over and asked him: “Is this for real?”
Enduring Rebuke
In the book, Tsipras concludes how his former ally demonstrated himself to be “unsuitable for an agreement demanding intricate and sensitive handling.”
He also wrote how his aggressive approach left him increasingly isolated among peers, endangered the country, while assisted hardliners who were pushing for a Greek exit from the euro.
The account of history has been met with fury along with shock among certain groups, whereas Varoufakis has maintained a deafening silence regarding these claims.
