In a newly released memoir, named Ithaki, the ex- leader Alexis Tsipras does not hold back as he examines that turbulent period during Greece's economic turmoil.
An Unconventional Appointment
In Tsipras's account, Tsipras chose that maverick economist Yanis Varoufakis to be the treasury head largely because of his global profile and Varoufakis's highly compelling skills as a speaker.
“In reality, he was, actually, more of a personality and less of an economic expert,” recalled the 51-year-old.
Conflicting Priorities
Tsipras claims how Varoufakis had a personal motives which included advancing Varoufakis's publications as well as testing out his own economic models using Greece rather than truly fighting for its financial survival.
Tsipras noted how those discussions to prevent bankruptcy became “not only a way of achieving a better deal for Greece. They were a test, an historic opportunity to prove the truth of Varoufakis's economic theories.”
Critical Talks
During volatile discussions, the country found itself perilously on the brink of leaving the single currency area.
At stake was both Greece's destiny and those harsh cutbacks required in return for financial aid by international creditors.
Failed Alternatives
Attempts to find financing elsewhere, including a desperate appeal to Russia to purchase Greek government bonds, fell on stony ground.
Helping the indebted country was tantamount to tossing cash into the garbage, the Russian leader reportedly told his Greek counterpart in Moscow.
Public Vote and U-Turn
In July 2015, the excoriating conditions were subjected to a popular referendum, an action that threw Europe into a deeper crisis of identity.
Even though the referendum was carried decisively by those who opposed the cuts, the prime minister was forced to reject its outcome and negotiate a bailout package from creditors that turned out to be more severe.
Breaking Point
Tsipras claimed that he began to doubt his finance minister relatively soon.
“He was the public image of the talks, the figure who attracted publicity, who graced the covers of publications the world over … it seemed he was enjoying the spotlight.”
After Varoufakis outlined a contingency plan involving establishing a parallel currency as well as issuing coupons to pensioners, the leader knew that it was the end and asked him: “Can you be serious?”
Lasting Rebuke
In the memoir, Tsipras concludes how Varoufakis had proved himself “unsuitable for a deal that required complex and delicate management.”
He further wrote how his aggressive style left him more and more alone among peers, endangered the country, and helped hardliners who were pushing for Grexit.
This account of events has been met with anger along with stunned disbelief in some quarters, whereas Varoufakis has maintained a conspicuous quiet regarding these claims.
