Within his recently unveiled memoir, titled Ithaki, the ex- premier Alexis Tsipras does not hold back as he reflects on that turbulent era of Greece's economic turmoil.
An Unconventional Appointment
In the ex-PM's account, he selected the unorthodox economist Yanis Varoufakis as his finance minister primarily due to his global profile and Varoufakis's highly compelling abilities as a communicator.
“In reality, he was, truthfully, more of a personality rather than an economic expert,” recalled Tsipras.
Conflicting Priorities
The former leader suggests that his finance chief possessed a personal agenda which included promoting his publications as well as testing out his theories on the nation instead of genuinely fighting for the country's economic stability.
Tsipras wrote how the discussions to prevent bankruptcy became “not just a method to secure a better deal for the country. They were an experiment, a monumental opportunity to prove the truth of Varoufakis's ideas.”
High-Stakes Talks
Amid rollercoaster negotiations, Greece came perilously close to leaving the single currency area.
On the line lay not only the country's destiny but also the harsh austerity measures demanded in exchange for financial aid from international creditors.
Unsuccessful Alternatives
Attempts to secure funds elsewhere, including a desperate appeal to the Kremlin to purchase Greek bonds, were rejected.
Assisting Greece would be tantamount to throwing money into the garbage, the Russian leader is reputed to have informed Tsipras during their meeting.
Public Vote and Reversal
That summer, those punitive conditions were subjected to a public vote, a move that plunged Europe into a further existential crisis.
Even though the vote was won resoundingly by those who opposed austerity, the prime minister was forced to ignore the result then agree to a bailout package from foreign lenders which proved to be more severe.
Final Straw
The ex-PM revealed how he began to doubt his finance minister relatively soon.
“Varoufakis was the face of the talks, the man who attracted media attention, who appeared on the covers of magazines globally … he gave the impression he relished his new role.”
After the minister proposed a contingency plan involving creating a secondary currency and distributing vouchers to pensioners, Tsipras knew it was game over and asked him: “Is this for real?”
Enduring Criticism
Within the book, the author concludes that Varoufakis had proved himself to be “unfit for an agreement that required complex and delicate management.”
Tsipras further wrote how his confrontational approach made him increasingly isolated among peers, endangered the country, and assisted hawks who were advocating a Greek exit from the euro.
The retelling of events has provoked anger and shock among certain groups, whereas the former minister has so far kept a conspicuous quiet on the matter.
