In a newly released memoir, titled Ithaki, the former leader Alexis Tsipras does not hold back while he examines that chaotic era of Greece's financial crisis.
A Controversial Appointment
As per the ex-PM's account, Tsipras selected the maverick economist Yanis Varoufakis as his finance minister primarily due to his worldwide fame and his highly compelling abilities as a public orator.
“He was, actually, more of a personality rather than an economic expert,” wrote the 51-year-old.
Clashing Priorities
The former leader suggests how Varoufakis had a personal motives which included advancing his publications as well as experimenting with his own economic models using Greece instead of genuinely advocating its economic stability.
Tsipras wrote that those talks to prevent bankruptcy were “not just a way to secure improved terms for Greece. They were a test, a monumental chance to prove the truth of his theories.”
Critical Talks
Amid tense discussions, Greece found itself perilously on the brink of exiting the eurozone.
On the line lay both the country's future and the severe austerity measures demanded in exchange for rescue loans from foreign lenders.
Failed Options
Efforts to find financing elsewhere, such as a desperate appeal to Russia to buy Greek bonds, went unanswered.
Assisting Greece was tantamount to throwing money in the trash-can, the Russian leader reportedly told his Greek counterpart in Moscow.
Public Vote and Reversal
In July 2015, those excoriating conditions were subjected to a popular referendum, an action that plunged Europe into a further crisis of identity.
Even though the referendum was won resoundingly by voters who opposed the cuts, Tsipras had little option to reject its outcome then negotiate a bailout package with creditors that proved to be more severe.
Final Straw
The ex-PM revealed how he began to doubt Varoufakis quite early on.
“He was the public image of negotiation, the figure who attracted media attention, who appeared on the covers of magazines globally … he gave the impression he was enjoying his new role.”
When Varoufakis proposed a contingency plan that included creating a secondary currency and issuing coupons to pensioners, the leader said he realised it was the end and asked Varoufakis: “Is this for real?”
Lasting Criticism
In the book, the author concludes that Varoufakis had proved himself “unsuitable for a deal that required complex and delicate management.”
Tsipras also wrote how Varoufakis's confrontational approach left him increasingly isolated with colleagues, endangered the country, while assisted hardliners that were pushing for Grexit.
The retelling of history has provoked anger along with stunned disbelief among certain groups, while Varoufakis has kept a conspicuous quiet on the matter.
