In a newly released memoir, titled Ithaki, the ex- premier Alexis Tsipras does not hold back while he reflects on the turbulent era of Greece's financial crisis.
An Unconventional Choice
As per Tsipras's version, he selected the maverick academic Yanis Varoufakis as the finance minister primarily because of his global profile and Varoufakis's very persuasive skills as a communicator.
“In reality, he was, in reality, more like a personality rather than an economist,” wrote Tsipras.
Clashing Priorities
Tsipras alleges that Varoufakis possessed his own agenda which included advancing Varoufakis's books as well as testing out his own theories using Greece rather than truly advocating the country's economic stability.
Tsipras noted that the talks to prevent insolvency were “not only a method to secure a better deal for Greece. They were a test, a monumental opportunity to demonstrate the validity of Varoufakis's theories.”
High-Stakes Talks
Amid rollercoaster negotiations, Greece came dangerously close to exiting the eurozone.
On the line was both the country's future and those punishing cutbacks demanded in exchange for rescue loans from foreign lenders.
Unsuccessful Options
Efforts to secure financing elsewhere, such as an urgent plea to the Kremlin to buy Greek government bonds, fell on stony ground.
Assisting Greece would be equivalent to throwing money in the trash-can, the Russian leader is reputed to have informed his Greek counterpart in Moscow.
Public Vote and U-Turn
That summer, those punitive conditions were subjected to a public vote, an action that threw Europe into a further crisis of identity.
Even though the vote was carried resoundingly by voters who opposed austerity, the prime minister had little option to ignore the result then negotiate a rescue deal with creditors which turned out to be more severe.
Final Straw
The ex-PM claimed that he started questioning his finance minister quite early on.
“Varoufakis was the public image of the talks, the man who attracted publicity, who appeared on the front pages of publications globally … it seemed he was enjoying his new role.”
When Varoufakis outlined a contingency plan involving creating a parallel currency as well as issuing coupons to pensioners, the leader said he realised it was game over questioning Varoufakis: “Are you serious?”
Lasting Criticism
In the memoir, the author concludes how Varoufakis had proved himself “unsuitable for a deal that required intricate and delicate handling.”
He also wrote how Varoufakis's aggressive approach left him more and more alone with colleagues, put Greece at risk, and helped hawks who were advocating a Greek exit from the euro.
The retelling of history has been met with anger and shock among certain groups, whereas the former minister has maintained a conspicuous quiet regarding these claims.
