In a recently unveiled memoir, called Ithaki, the former premier Alexis Tsipras pulls no punches as he examines that turbulent era during Greece's economic turmoil.
An Unconventional Choice
According to Tsipras's version, he chose the unorthodox academic Yanis Varoufakis to be his treasury head primarily due to his worldwide fame along with Varoufakis's highly compelling abilities as a public orator.
“He was, truthfully, more like a celebrity and less of an economist,” wrote the 51-year-old.
Conflicting Agendas
The former leader suggests that his finance chief possessed his own motives which included promoting Varoufakis's books as well as experimenting with his own economic models on the nation rather than genuinely advocating the country's financial survival.
He noted that those talks to prevent insolvency became “not only a way of achieving a better deal for the country. They became a test, a monumental chance to demonstrate the truth of Varoufakis's ideas.”
Critical Talks
Amid rollercoaster negotiations, Greece found itself perilously close to leaving the single currency area.
On the line was not only Greece's future but also the punishing austerity measures demanded in exchange for financial aid by foreign lenders.
Failed Alternatives
Efforts to find funds from other sources, including an urgent plea to the Kremlin to buy Greek bonds, were rejected.
Assisting the indebted country was tantamount to throwing money into the garbage, the Russian leader is reputed to have informed Tsipras during their meeting.
Public Vote and U-Turn
That summer, the harsh conditions were subjected to a popular referendum, an action that plunged the EU into a deeper existential crisis.
Although the referendum was won decisively by voters against the cuts, Tsipras had little option but to ignore the result then agree to a rescue deal with creditors that proved to be more severe.
Breaking Point
The ex-PM revealed that he began to doubt his finance minister relatively soon.
“Varoufakis was the face of the talks, the figure who attracted publicity, who graced the covers of publications globally … it seemed he was enjoying his new role.”
When Varoufakis outlined a contingency plan that included establishing a parallel currency as well as issuing vouchers to pensioners, the leader knew that it was the end questioning him: “Is this for real?”
Lasting Criticism
In the memoir, the author concludes how Varoufakis had proved himself “unfit for a deal that required intricate and delicate handling.”
He also wrote that Varoufakis's confrontational style made him more and more alone among peers, endangered the country, and helped hawks that were pushing for a Greek exit from the euro.
This retelling of history has provoked fury and shock among certain groups, whereas the former minister has so far maintained a deafening silence regarding these claims.
