Within his recently unveiled memoir, called Ithaki, the former prime minister Alexis Tsipras does not hold back while he examines that turbulent era during Greece's financial crisis.
An Unconventional Appointment
In the ex-PM's version, he appointed the unorthodox economist Yanis Varoufakis as the finance minister mainly due to his international reputation along with his highly compelling abilities when it came to speaker.
“He was, actually, more like a celebrity rather than an economic expert,” recalled the 51-year-old.
Conflicting Priorities
Tsipras claims that Varoufakis had a personal motives that included promoting his books as well as testing out his economic models on the nation instead of truly advocating the country's economic stability.
Tsipras noted that those negotiations to prevent insolvency were “not only a method of achieving improved terms for Greece. They became a test, a monumental opportunity to prove the validity of his theories.”
Critical Negotiations
Amid rollercoaster discussions, Greece found itself dangerously on the brink of exiting the single currency area.
On the line was not only the country's destiny but also those harsh cutbacks demanded in return for financial aid by international creditors.
Unsuccessful Options
Attempts to find funds from other sources, including a desperate appeal to Russia to purchase Greek bonds, went unanswered.
Helping the indebted country would be tantamount to tossing cash into the garbage, Putin is reputed to have told Tsipras in Moscow.
Referendum and U-Turn
That summer, those punitive bailout terms were subjected to a popular referendum, an action which plunged Europe into a further existential crisis.
Although the referendum was carried decisively by those who opposed austerity, Tsipras was forced but to reject its outcome and negotiate a bailout package with foreign lenders that turned out to be tougher.
Breaking Point
The ex-PM revealed how he began to doubt his finance minister quite early on.
“He was the public image of negotiation, the figure who attracted publicity, who graced the front pages of magazines globally … he gave the impression he relished the spotlight.”
After Varoufakis outlined a contingency plan that included creating a parallel currency and distributing vouchers to retirees, Tsipras knew that it was game over questioning him: “Is this for real?”
Lasting Criticism
In the memoir, Tsipras asserts how Varoufakis demonstrated himself “unfit for an agreement that required complex and delicate handling.”
He further claimed that his aggressive approach left him more and more alone among peers, endangered the country, while assisted hardliners that were advocating Grexit.
The retelling of events has been met with anger and shock among certain groups, whereas Varoufakis has kept a conspicuous quiet on the matter.
