Within his newly released autobiography, titled Ithaki, the ex- premier Alexis Tsipras pulls no punches while he examines that turbulent era during Greece's financial crisis.
An Unconventional Appointment
As per Tsipras's recollections, Tsipras selected the maverick economist Yanis Varoufakis as his treasury head largely because of his global profile along with Varoufakis's “extremely attractive” skills when it came to public orator.
“He was, actually, more like a celebrity rather than an economic expert,” stated Tsipras.
Clashing Agendas
The former leader suggests how Varoufakis possessed his own agenda that involved advancing Varoufakis's books as well as experimenting with his theories on Greece rather than truly advocating its financial survival.
He noted how those negotiations to prevent insolvency became “not only a method to secure a better deal for Greece. They became a test, a monumental chance to demonstrate the validity of his theories.”
Critical Negotiations
During tense discussions, Greece came dangerously close to exiting the eurozone.
On the line lay not only the country's future and those punishing cutbacks required in return for bailout funds by foreign lenders.
Failed Options
Efforts to find financing from other sources, such as an urgent appeal to Russia to buy Greek government bonds, fell on stony ground.
Helping Greece would be equivalent to throwing money into the garbage, Putin is reputed to have told Tsipras in Moscow.
Public Vote and U-Turn
That summer, those excoriating conditions were subjected to a public vote, an action that threw Europe into a deeper crisis of identity.
Even though the vote was won resoundingly by voters who opposed the cuts, the prime minister had little option to reject its outcome then negotiate a bailout package from foreign lenders that proved to be more severe.
Final Straw
The ex-PM revealed that he started questioning his finance minister relatively soon.
“Varoufakis was the public image of negotiation, the man who attracted media attention, who graced the covers of magazines the world over … it seemed he was enjoying his new role.”
When the minister proposed a contingency plan that included creating a secondary currency as well as distributing vouchers to retirees, the leader said he realised that it was game over and asked Varoufakis: “Is this for real?”
Lasting Criticism
In the memoir, the author asserts that his former ally had proved himself “unsuitable for a deal that required complex and sensitive handling.”
He also wrote that Varoufakis's confrontational style left him more and more alone among peers, endangered the country, and assisted hawks that were pushing for Grexit.
The retelling of events has been met with fury and shock among certain groups, whereas Varoufakis has so far maintained a deafening silence on the matter.
