Within his recently unveiled personal account, called Ithaki, the ex- prime minister Alexis Tsipras does not hold back while he examines the turbulent era of Greece's financial crisis.
A Controversial Appointment
According to Tsipras's recollections, Tsipras appointed that maverick academic Yanis Varoufakis to be his treasury head largely because of the latter's global profile and Varoufakis's very persuasive skills as a public orator.
“In reality, he was, actually, more of a celebrity rather than an economic expert,” wrote the 51-year-old.
Conflicting Agendas
Tsipras claims how Varoufakis possessed a personal motives that involved promoting Varoufakis's publications as well as experimenting with his own theories on the nation rather than genuinely advocating the country's economic stability.
He explained how the negotiations to avoid insolvency became “not only a method to secure a better deal for Greece. They were a test, an historic chance to demonstrate the truth of Varoufakis's theories.”
High-Stakes Talks
During volatile discussions, Greece came perilously close to exiting the single currency area.
On the line lay both the country's future and those harsh austerity policies required in exchange for financial aid from international creditors.
Unsuccessful Options
Efforts to find financing from other sources, including an urgent appeal to Russia to purchase Greek government bonds, were rejected.
Helping Greece was tantamount to tossing cash into the garbage, the Russian leader is reputed to have informed Tsipras during their meeting.
Referendum and Reversal
In July 2015, those excoriating bailout terms were put to a popular referendum, a move that plunged Europe into further crisis of identity.
Even though the referendum was won decisively by voters who opposed austerity, the prime minister had little option but to ignore the result and agree to a bailout package from foreign lenders which proved to be tougher.
Breaking Point
The ex-PM revealed how he began to doubt Varoufakis quite early on.
“He was the face of the talks, the man who drew publicity, who appeared on the covers of magazines globally … he gave the impression he was enjoying the spotlight.”
When the minister proposed a contingency plan that included establishing a parallel currency as well as issuing vouchers to pensioners, Tsipras said he realised it was game over and asked him: “Can you be serious?”
Lasting Rebuke
In the memoir, the author concludes how his former ally demonstrated himself to be “unfit for a deal that required complex and delicate handling.”
He also wrote that his confrontational style left him increasingly isolated among peers, endangered the country, and assisted hawks that were pushing for a Greek exit from the euro.
This retelling of history has been met with fury along with shock among certain groups, whereas Varoufakis has so far maintained a deafening silence on the matter.
