Within his recently unveiled autobiography, named Ithaki, the ex- premier Alexis Tsipras pulls no punches while he examines the turbulent period of Greece's financial crisis.
An Unconventional Choice
As per Tsipras's account, he chose that maverick academic Yanis Varoufakis as his finance minister mainly due to the latter's global profile and Varoufakis's highly compelling skills as a speaker.
“He was, actually, more of a personality and less of an economic expert,” stated Tsipras.
Conflicting Agendas
The former leader alleges that Varoufakis possessed a personal agenda which involved promoting Varoufakis's books as well as experimenting with his own theories using the nation rather than genuinely advocating the country's economic stability.
He explained that those talks to stave off bankruptcy became “not just a way to secure improved terms for Greece. They were a test, a monumental chance to demonstrate the truth of his ideas.”
High-Stakes Negotiations
During tense negotiations, the country found itself dangerously on the brink of exiting the single currency area.
On the line lay not only Greece's future but also those harsh austerity policies demanded in exchange for financial aid by international creditors.
Unsuccessful Options
Efforts to find financing elsewhere, including a desperate plea to Russia to buy Greek bonds, fell on stony ground.
Helping Greece would be tantamount to tossing cash in the trash-can, the Russian leader reportedly told his Greek counterpart in Moscow.
Referendum and U-Turn
That summer, those excoriating conditions were subjected to a popular referendum, an action which plunged the EU into further existential crisis.
Even though the referendum was won resoundingly by those who opposed austerity, Tsipras was forced to reject its outcome and agree to a rescue deal from creditors that proved to be more severe.
Final Straw
Tsipras revealed that he began to doubt his finance minister quite early on.
“Varoufakis was the public image of negotiation, the figure who drew publicity, who appeared on the front pages of publications the world over … it seemed he was enjoying his new role.”
After Varoufakis proposed a contingency plan that included creating a secondary currency and issuing vouchers to retirees, the leader said he realised that it was the end questioning him: “Is this for real?”
Enduring Criticism
Within the memoir, the author asserts how Varoufakis demonstrated himself to be “unsuitable for a deal that required complex and sensitive handling.”
He also claimed that Varoufakis's confrontational approach left him increasingly isolated with colleagues, put Greece at risk, and assisted hawks who were advocating Grexit.
The retelling of events has provoked anger and shock among certain groups, while the former minister has maintained a conspicuous quiet on the matter.
