In a freshly published memoir, called Ithaki, the ex- prime minister Alexis Tsipras pulls no punches as he reflects on the turbulent period of Greece's financial crisis.
An Unconventional Choice
In Tsipras's recollections, he selected that unorthodox economist Yanis Varoufakis to be the finance minister mainly because of his global profile and Varoufakis's highly compelling abilities when it came to speaker.
“In reality, he was, truthfully, more of a star rather than an economic expert,” wrote the 51-year-old.
Clashing Priorities
Tsipras suggests how his finance chief possessed a personal motives that involved promoting Varoufakis's publications as well as experimenting with his own theories using the nation instead of genuinely advocating the country's economic stability.
Tsipras explained how those negotiations to avoid insolvency became “not just a way to secure improved terms for Greece. They were a test, a monumental chance to demonstrate the validity of his theories.”
High-Stakes Talks
During rollercoaster discussions, the country found itself perilously close to exiting the eurozone.
At stake lay not only Greece's destiny and those punishing cutbacks demanded in exchange for rescue loans from foreign lenders.
Failed Options
Attempts to secure financing elsewhere, such as a desperate plea to Russia to purchase Greek government bonds, fell on stony ground.
Helping Greece was tantamount to tossing cash in the trash-can, the Russian leader is reputed to have informed Tsipras during their meeting.
Public Vote and U-Turn
In July 2015, the punitive conditions were subjected to a public vote, a move that plunged the EU into a deeper existential crisis.
Although the referendum was carried decisively by voters against austerity, Tsipras had little option to reject its outcome then negotiate a bailout package with foreign lenders which proved to be even harsher.
Breaking Point
The ex-PM revealed how he started questioning his finance minister quite early on.
“He was the public image of the talks, the man who drew publicity, who graced the covers of publications the world over … it seemed he was enjoying his new role.”
After the minister outlined a backup strategy involving creating a secondary currency as well as issuing coupons to retirees, Tsipras knew that it was game over and asked him: “Can you be serious?”
Enduring Rebuke
Within the book, Tsipras concludes that his former ally demonstrated himself “unsuitable for a deal that required intricate and sensitive management.”
Tsipras also claimed that his aggressive style left him increasingly isolated among peers, endangered the country, and assisted hardliners who were pushing for a Greek exit from the euro.
The retelling of events has provoked fury along with shock among certain groups, while Varoufakis has so far kept a deafening silence on the matter.
