In a recently unveiled memoir, called Ithaki, the ex- prime minister Alexis Tsipras pulls no punches while he reflects on that chaotic era during Greece's economic turmoil.
An Unconventional Appointment
According to Tsipras's version, he selected that unorthodox economist Yanis Varoufakis to be the finance minister mainly due to his worldwide fame along with his “extremely attractive” skills when it came to public orator.
“In reality, he was, in reality, more like a celebrity and less of an economic expert,” stated the 51-year-old.
Conflicting Priorities
Tsipras suggests that his finance chief possessed his own agenda that involved promoting his books and experimenting with his theories on the nation instead of genuinely fighting for the country's economic stability.
He explained that those talks to stave off insolvency became “not only a way to secure a better deal for Greece. They were a test, an historic opportunity to demonstrate the validity of Varoufakis's ideas.”
High-Stakes Negotiations
Amid rollercoaster discussions, the country came dangerously close to exiting the eurozone.
At stake lay both Greece's destiny and those harsh cutbacks demanded in return for rescue loans by international creditors.
Unsuccessful Alternatives
Efforts to secure funds elsewhere, such as an urgent appeal to Russia to buy Greek government bonds, fell on stony ground.
Assisting the indebted country would be equivalent to throwing money into the garbage, Putin reportedly informed Tsipras in Moscow.
Public Vote and U-Turn
That summer, the punitive bailout terms were put to a public vote, an action that threw the EU into a further crisis of identity.
Although the referendum was carried decisively by those against the cuts, Tsipras was forced but to reject its outcome then negotiate a rescue deal with creditors that proved to be more severe.
Breaking Point
The ex-PM revealed how he started questioning his finance minister relatively soon.
“Varoufakis was the face of the talks, the man who drew media attention, who graced the covers of publications globally … it seemed he relished the spotlight.”
When the minister outlined a contingency plan that included establishing a secondary currency as well as issuing coupons to retirees, Tsipras said he realised it was game over and asked him: “Are you serious?”
Enduring Criticism
Within the memoir, Tsipras concludes that his former ally had proved himself to be “unfit for an agreement that required intricate and sensitive management.”
Tsipras further wrote how his aggressive style made him more and more alone with colleagues, put Greece at risk, and assisted hawks who were advocating a Greek exit from the euro.
The retelling of history has been met with fury along with shock among certain groups, while the former minister has maintained a conspicuous quiet on the matter.
