Within his newly released personal account, titled Ithaki, the former leader Alexis Tsipras does not hold back as he reflects on that turbulent era of Greece's debt drama.
An Unconventional Appointment
In Tsipras's version, Tsipras chose that unorthodox academic Yanis Varoufakis to be his finance minister largely due to the latter's international reputation along with Varoufakis's highly compelling abilities as a public orator.
“He was, truthfully, more like a star rather than an economic expert,” recalled the 51-year-old.
Conflicting Priorities
Tsipras suggests that Varoufakis possessed his own agenda that involved promoting his books as well as experimenting with his theories on the nation rather than genuinely advocating its economic stability.
He explained that the discussions to avoid bankruptcy were “not only a method to secure a better deal for the country. They became an experiment, a monumental opportunity to demonstrate the truth of his ideas.”
High-Stakes Negotiations
Amid tense discussions, Greece found itself perilously on the brink of exiting the single currency area.
At stake was not only the country's future but also those severe austerity policies demanded in exchange for financial aid from international creditors.
Unsuccessful Alternatives
Efforts to secure funds from other sources, including an urgent appeal to the Kremlin to purchase Greek government bonds, went unanswered.
Helping Greece was tantamount to tossing cash in the trash-can, Putin is reputed to have informed Tsipras during their meeting.
Public Vote Followed by U-Turn
In July 2015, the punitive bailout terms were put to a public vote, an action which threw Europe into deeper crisis of identity.
Even though the vote was carried decisively by voters who opposed the cuts, the prime minister was forced to ignore the result then agree to a rescue deal from foreign lenders which proved to be tougher.
Breaking Point
Tsipras revealed that he began to doubt his finance minister relatively soon.
“Varoufakis was the public image of negotiation, the figure who drew publicity, who graced the front pages of magazines the world over … it seemed he relished his new role.”
After the minister proposed a backup strategy that included creating a parallel currency and issuing vouchers to retirees, the leader said he realised that it was the end and asked Varoufakis: “Can you be serious?”
Enduring Criticism
Within the book, the author asserts how his former ally had proved himself “unsuitable for a deal that required intricate and delicate management.”
Tsipras also wrote how Varoufakis's aggressive approach made him increasingly isolated with colleagues, put Greece at risk, and assisted hawks who were pushing for Grexit.
This account of history has been met with fury along with stunned disbelief among certain groups, whereas Varoufakis has maintained a conspicuous quiet regarding these claims.
