Within his recently unveiled memoir, titled Ithaki, the former leader Alexis Tsipras does not hold back while he examines the turbulent period during Greece's financial crisis.
A Controversial Choice
In Tsipras's account, he appointed that maverick economist Yanis Varoufakis to be the finance minister mainly because of his international reputation along with his highly compelling abilities when it came to public orator.
“In reality, he was, truthfully, more of a personality rather than an economic expert,” wrote the 51-year-old.
Clashing Agendas
Tsipras suggests how Varoufakis had his own motives which included promoting his books as well as experimenting with his theories using the nation rather than genuinely advocating the country's financial survival.
He explained how the talks to stave off insolvency became “not only a method of achieving improved terms for the country. They were a test, a monumental chance to prove the validity of Varoufakis's ideas.”
High-Stakes Negotiations
Amid rollercoaster discussions, the country found itself perilously on the brink of leaving the single currency area.
At stake lay both the country's destiny but also the severe austerity measures required in return for financial aid from foreign lenders.
Failed Options
Efforts to secure funds from other sources, such as an urgent plea to Russia to buy Greek government bonds, went unanswered.
Assisting Greece would be equivalent to tossing cash in the trash-can, the Russian leader reportedly told his Greek counterpart during their meeting.
Public Vote Followed by U-Turn
In July 2015, those excoriating conditions were subjected to a public vote, an action which plunged the EU into deeper existential crisis.
Even though the referendum was won decisively by those who opposed austerity, the prime minister was forced but to ignore the result then negotiate a rescue deal with foreign lenders that turned out to be even harsher.
Final Straw
Tsipras revealed that he started questioning Varoufakis quite early on.
“He was the public image of the talks, the man who attracted publicity, who graced the covers of publications globally … he gave the impression he relished his new role.”
When the minister outlined a backup strategy involving creating a parallel currency as well as issuing coupons to pensioners, the leader knew it was game over and asked Varoufakis: “Are you serious?”
Lasting Rebuke
Within the book, the author concludes how his former ally demonstrated himself “unfit for an agreement that required intricate and delicate management.”
He further wrote that Varoufakis's confrontational style made him increasingly isolated with colleagues, endangered the country, and assisted hardliners who were advocating a Greek exit from the euro.
The retelling of events has been met with anger along with shock in some quarters, while Varoufakis has so far maintained a conspicuous quiet on the matter.
