In a freshly published memoir, named Ithaki, the ex- prime minister Alexis Tsipras pulls no punches as he examines that turbulent period of Greece's economic turmoil.
An Unconventional Appointment
In Tsipras's account, Tsipras selected that unorthodox economist Yanis Varoufakis to be the finance minister mainly because of the latter's international reputation along with his highly compelling abilities when it came to speaker.
“He was, in reality, more of a star rather than an economic expert,” recalled the 51-year-old.
Clashing Priorities
The former leader suggests how his finance chief possessed his own agenda which involved advancing his publications as well as experimenting with his theories using the nation instead of genuinely advocating the country's economic stability.
He noted how those negotiations to stave off bankruptcy were “not just a method of achieving a better deal for the country. They became a test, an historic chance to prove the truth of his theories.”
Critical Negotiations
During tense discussions, Greece found itself perilously close to exiting the eurozone.
At stake lay not only the country's destiny and the severe cutbacks required in exchange for financial aid by foreign lenders.
Unsuccessful Options
Efforts to find funds from other sources, such as a desperate appeal to Russia to buy Greek bonds, went unanswered.
Assisting Greece was equivalent to tossing cash into the garbage, Putin reportedly informed Tsipras during their meeting.
Public Vote and U-Turn
That summer, those punitive bailout terms were put to a popular referendum, a move that plunged the EU into deeper existential crisis.
Even though the referendum was won resoundingly by voters against the cuts, Tsipras was forced but to ignore the result and negotiate a rescue deal with foreign lenders which proved to be tougher.
Breaking Point
Tsipras revealed that he began to doubt Varoufakis quite early on.
“He was the public image of negotiation, the man who attracted publicity, who graced the front pages of publications the world over … it seemed he was enjoying the spotlight.”
After Varoufakis proposed a backup strategy involving creating a secondary currency as well as distributing coupons to retirees, the leader knew that it was the end and asked him: “Is this for real?”
Lasting Criticism
In the book, Tsipras concludes that Varoufakis had proved himself to be “unfit for an agreement that required complex and sensitive handling.”
Tsipras also claimed that his confrontational approach made him more and more alone with colleagues, put Greece at risk, while helped hardliners who were advocating a Greek exit from the euro.
The retelling of events has been met with fury and stunned disbelief among certain groups, whereas the former minister has kept a deafening silence on the matter.
