In a freshly published memoir, titled Ithaki, the ex- prime minister Alexis Tsipras pulls no punches while he examines the chaotic era during Greece's financial crisis.
A Controversial Appointment
As per the ex-PM's account, he selected that maverick economist Yanis Varoufakis to be his finance minister mainly because of his worldwide fame and his very persuasive skills when it came to speaker.
“In reality, he was, actually, more like a personality and less of an economist,” wrote the 51-year-old.
Clashing Priorities
The former leader claims that his finance chief had a personal agenda that involved advancing his books as well as experimenting with his economic models on Greece rather than truly advocating its economic stability.
Tsipras wrote that those discussions to avoid insolvency became “not just a method to secure a better deal for the country. They became a test, an historic opportunity to prove the truth of his economic theories.”
Critical Negotiations
During volatile negotiations, the country came perilously on the brink of leaving the single currency area.
On the line was not only the country's future but also the punishing cutbacks required in return for financial aid from foreign lenders.
Unsuccessful Options
Efforts to find funds from other sources, such as a desperate appeal to Russia to purchase Greek government bonds, went unanswered.
Assisting Greece was tantamount to tossing cash into the garbage, Putin reportedly told Tsipras during their meeting.
Public Vote and Reversal
That summer, those excoriating bailout terms were put to a popular referendum, a move that plunged Europe into a further crisis of identity.
Even though the referendum was won decisively by those against austerity, Tsipras had little option to reject its outcome and agree to a rescue deal from foreign lenders that turned out to be tougher.
Final Straw
The ex-PM claimed how he began to doubt his finance minister quite early on.
“Varoufakis was the public image of the talks, the man who drew publicity, who graced the covers of magazines the world over … he gave the impression he was enjoying the spotlight.”
When the minister proposed a contingency plan involving creating a secondary currency and distributing coupons to pensioners, the leader knew it was the end and asked Varoufakis: “Are you serious?”
Enduring Criticism
In the book, the author concludes that his former ally demonstrated himself “unfit for a deal that required intricate and sensitive handling.”
Tsipras also claimed that Varoufakis's confrontational style made him increasingly isolated with colleagues, put Greece at risk, while helped hardliners that were advocating Grexit.
The account of history has been met with anger along with stunned disbelief among certain groups, while the former minister has so far kept a conspicuous quiet on the matter.
