Within his recently unveiled memoir, called Ithaki, the ex- prime minister Alexis Tsipras pulls no punches while he revisits the chaotic era during Greece's financial crisis.
A Controversial Choice
According to the ex-PM's account, he chose that unorthodox academic Yanis Varoufakis as his finance minister mainly because of his global profile and his very persuasive abilities as a communicator.
“He was, truthfully, more of a personality and less of an economic expert,” stated the 51-year-old.
Conflicting Priorities
The former leader suggests that Varoufakis had a personal agenda which involved advancing Varoufakis's publications as well as testing out his own theories on Greece instead of truly fighting for its economic stability.
He explained how those talks to prevent bankruptcy were “not only a way to secure improved terms for Greece. They were a test, an historic opportunity to demonstrate the truth of Varoufakis's economic theories.”
High-Stakes Talks
During volatile negotiations, the country found itself perilously close to exiting the single currency area.
On the line lay both the country's future but also the severe austerity policies required in exchange for rescue loans from international creditors.
Unsuccessful Alternatives
Attempts to find funds from other sources, including an urgent plea to Russia to purchase Greek bonds, were rejected.
Assisting Greece would be equivalent to tossing cash in the trash-can, Putin is reputed to have told his Greek counterpart in Moscow.
Public Vote Followed by U-Turn
In July 2015, those harsh bailout terms were put to a popular referendum, a move that plunged Europe into deeper crisis of identity.
Even though the vote was carried decisively by those against the cuts, Tsipras was forced but to ignore the result then negotiate a bailout package from foreign lenders that proved to be more severe.
Breaking Point
Tsipras revealed that he started questioning his finance minister relatively soon.
“Varoufakis was the face of the talks, the figure who drew publicity, who appeared on the covers of publications globally … he gave the impression he relished his new role.”
When the minister proposed a contingency plan that included creating a secondary currency and distributing coupons to retirees, Tsipras said he realised it was game over questioning him: “Are you serious?”
Enduring Rebuke
In the book, the author concludes that his former ally had proved himself “unsuitable for a deal that required intricate and delicate handling.”
Tsipras also wrote how Varoufakis's aggressive style left him increasingly isolated among peers, endangered the country, and helped hardliners who were pushing for a Greek exit from the euro.
The retelling of history has provoked fury and shock among certain groups, whereas the former minister has maintained a deafening silence regarding these claims.
