Within his recently unveiled memoir, called Ithaki, the former leader Alexis Tsipras spares no criticism as he revisits the chaotic period of Greece's financial crisis.
A Controversial Appointment
In Tsipras's recollections, he chose that unorthodox academic Yanis Varoufakis as the treasury head largely because of his international reputation and Varoufakis's very persuasive skills as a speaker.
“He was, truthfully, more like a star rather than an economist,” stated Tsipras.
Conflicting Priorities
The former leader suggests how Varoufakis possessed his own motives which included promoting Varoufakis's books as well as experimenting with his own theories using Greece rather than genuinely advocating the country's financial survival.
He noted that the discussions to stave off bankruptcy became “not just a method of achieving improved terms for Greece. They became a test, a monumental opportunity to prove the truth of his ideas.”
Critical Negotiations
Amid volatile negotiations, the country found itself dangerously on the brink of exiting the single currency area.
On the line lay not only the country's destiny but also those punishing cutbacks demanded in exchange for rescue loans from foreign lenders.
Unsuccessful Options
Attempts to find financing elsewhere, such as an urgent appeal to Russia to buy Greek government bonds, fell on stony ground.
Helping Greece would be tantamount to tossing cash into the garbage, Putin reportedly informed his Greek counterpart during their meeting.
Public Vote and U-Turn
That summer, the harsh bailout terms were put to a public vote, a move which threw the EU into deeper crisis of identity.
Although the referendum was won resoundingly by those who opposed the cuts, Tsipras was forced to ignore the result then negotiate a bailout package from foreign lenders which turned out to be more severe.
Final Straw
Tsipras revealed that he began to doubt his finance minister quite early on.
“He was the face of the talks, the man who attracted media attention, who graced the covers of publications the world over … he gave the impression he relished the spotlight.”
After Varoufakis outlined a contingency plan that included establishing a parallel currency as well as issuing coupons to retirees, the leader knew that it was the end and asked him: “Can you be serious?”
Enduring Rebuke
Within the memoir, the author asserts how Varoufakis had proved himself “unfit for a deal demanding intricate and sensitive management.”
Tsipras also claimed that his confrontational style left him increasingly isolated with colleagues, put Greece at risk, while helped hawks who were advocating a Greek exit from the euro.
The account of history has been met with fury along with stunned disbelief among certain groups, whereas the former minister has kept a deafening silence regarding these claims.
