Within his freshly published memoir, titled Ithaki, the former prime minister Alexis Tsipras pulls no punches as he revisits the chaotic period during Greece's financial crisis.
A Controversial Choice
According to the ex-PM's recollections, Tsipras chose that maverick economist Yanis Varoufakis as his finance minister largely due to his global profile and his highly compelling abilities when it came to speaker.
“He was, in reality, more of a star rather than an economist,” wrote the 51-year-old.
Conflicting Agendas
The former leader claims how his finance chief had a personal agenda which included advancing Varoufakis's books as well as testing out his theories using Greece instead of genuinely advocating its financial survival.
Tsipras wrote how those negotiations to stave off bankruptcy became “not just a method to secure a better deal for the country. They became a test, an historic chance to prove the truth of his theories.”
High-Stakes Negotiations
Amid rollercoaster discussions, Greece came dangerously close to leaving the single currency area.
On the line was both Greece's destiny and those severe austerity policies required in return for rescue loans from foreign lenders.
Failed Alternatives
Attempts to secure funds elsewhere, such as an urgent plea to the Kremlin to purchase Greek government bonds, went unanswered.
Assisting the indebted country would be equivalent to throwing money into the garbage, Putin is reputed to have told Tsipras during their meeting.
Referendum Followed by Reversal
In July 2015, those harsh conditions were put to a public vote, a move which plunged the EU into deeper crisis of identity.
Although the vote was won resoundingly by those who opposed the cuts, Tsipras was forced to reject its outcome and negotiate a rescue deal with creditors which turned out to be more severe.
Breaking Point
The ex-PM claimed how he began to doubt his finance minister quite early on.
“Varoufakis was the face of the talks, the man who attracted media attention, who appeared on the covers of magazines the world over … it seemed he was enjoying his new role.”
After the minister outlined a backup strategy involving creating a parallel currency as well as distributing coupons to pensioners, Tsipras said he realised that it was the end questioning him: “Can you be serious?”
Lasting Criticism
Within the memoir, the author concludes how his former ally demonstrated himself to be “unfit for a deal that required intricate and sensitive handling.”
He also claimed how Varoufakis's aggressive approach made him increasingly isolated among peers, endangered the country, and helped hardliners who were advocating a Greek exit from the euro.
The retelling of history has provoked anger along with shock in some quarters, whereas the former minister has so far maintained a conspicuous quiet regarding these claims.
