In a newly released autobiography, titled Ithaki, the ex- prime minister Alexis Tsipras pulls no punches while he examines the chaotic era during Greece's financial crisis.
An Unconventional Appointment
As per Tsipras's recollections, Tsipras chose that maverick academic Yanis Varoufakis to be his finance minister primarily because of his international reputation and Varoufakis's very persuasive abilities when it came to speaker.
“In reality, he was, actually, more of a celebrity and less of an economic expert,” recalled the 51-year-old.
Conflicting Agendas
The former leader claims that his finance chief had a personal agenda that involved advancing Varoufakis's books as well as testing out his theories on Greece instead of genuinely fighting for its economic stability.
He explained how the discussions to avoid insolvency became “not only a way to secure a better deal for the country. They were an experiment, a monumental opportunity to demonstrate the validity of Varoufakis's economic theories.”
High-Stakes Negotiations
Amid volatile discussions, Greece found itself perilously on the brink of exiting the single currency area.
On the line was not only Greece's future but also the harsh austerity measures demanded in return for rescue loans by international creditors.
Failed Options
Efforts to find funds from other sources, including a desperate plea to Russia to purchase Greek government bonds, fell on stony ground.
Helping the indebted country was equivalent to throwing money into the garbage, the Russian leader is reputed to have informed his Greek counterpart in Moscow.
Public Vote Followed by Reversal
That summer, the excoriating conditions were put to a popular referendum, an action that plunged Europe into further existential crisis.
Although the vote was won decisively by voters against austerity, the prime minister was forced but to ignore the result and negotiate a bailout package with foreign lenders which proved to be tougher.
Final Straw
Tsipras revealed that he began to doubt Varoufakis relatively soon.
“He was the public image of the talks, the man who attracted publicity, who appeared on the covers of publications the world over … he gave the impression he was enjoying his new role.”
When Varoufakis proposed a backup strategy involving establishing a secondary currency and distributing vouchers to retirees, the leader knew it was game over and asked him: “Are you serious?”
Lasting Criticism
Within the book, the author asserts that his former ally demonstrated himself to be “unsuitable for an agreement demanding complex and delicate management.”
He also claimed how Varoufakis's confrontational approach left him more and more alone with colleagues, endangered the country, and assisted hawks who were advocating Grexit.
This account of history has provoked fury along with stunned disbelief in some quarters, whereas the former minister has so far maintained a conspicuous quiet on the matter.
