Within his freshly published memoir, titled Ithaki, the ex- premier Alexis Tsipras pulls no punches while he examines the turbulent period during Greece's economic turmoil.
An Unconventional Appointment
In Tsipras's version, Tsipras selected that maverick academic Yanis Varoufakis as the treasury head mainly because of his global profile and his very persuasive skills as a speaker.
“He was, truthfully, more of a celebrity and less of an economic expert,” stated Tsipras.
Clashing Agendas
Tsipras alleges that Varoufakis had a personal agenda that included promoting his publications and testing out his economic models using the nation instead of truly advocating its financial survival.
Tsipras noted how the negotiations to avoid bankruptcy were “not only a way of achieving improved terms for the country. They were an experiment, a monumental opportunity to prove the validity of his economic theories.”
Critical Negotiations
Amid rollercoaster discussions, Greece came dangerously on the brink of leaving the eurozone.
On the line lay not only the country's future and the harsh austerity policies demanded in return for bailout funds from international creditors.
Unsuccessful Options
Efforts to secure financing from other sources, including an urgent appeal to the Kremlin to purchase Greek bonds, went unanswered.
Assisting Greece would be tantamount to tossing cash into the garbage, Putin is reputed to have told Tsipras in Moscow.
Referendum and U-Turn
In July 2015, those harsh bailout terms were subjected to a popular referendum, an action that plunged the EU into deeper existential crisis.
Although the referendum was carried resoundingly by voters against the cuts, the prime minister was forced but to reject its outcome then negotiate a bailout package from creditors that proved to be even harsher.
Final Straw
Tsipras claimed that he started questioning his finance minister relatively soon.
“He was the face of the talks, the man who drew media attention, who appeared on the front pages of publications globally … it seemed he was enjoying his new role.”
When the minister proposed a contingency plan involving creating a parallel currency and issuing vouchers to retirees, Tsipras knew that it was the end questioning Varoufakis: “Are you serious?”
Lasting Rebuke
Within the book, Tsipras asserts how Varoufakis had proved himself “unsuitable for a deal demanding complex and sensitive handling.”
He further claimed that his confrontational style left him more and more alone among peers, endangered the country, and assisted hawks that were pushing for a Greek exit from the euro.
The account of events has been met with anger along with shock among certain groups, while the former minister has so far maintained a conspicuous quiet on the matter.
