Within his newly released autobiography, named Ithaki, the former prime minister Alexis Tsipras does not hold back while he revisits the turbulent period during Greece's financial crisis.
A Controversial Choice
As per Tsipras's account, he selected the maverick academic Yanis Varoufakis as the finance minister largely because of his worldwide fame and his highly compelling abilities when it came to communicator.
“He was, in reality, more of a celebrity rather than an economist,” wrote Tsipras.
Clashing Agendas
Tsipras claims how his finance chief possessed a personal motives that included advancing his books as well as experimenting with his game theories on Greece instead of truly advocating its financial survival.
Tsipras wrote that those talks to prevent insolvency were “not just a method of achieving a better deal for Greece. They became a test, a monumental chance to demonstrate the validity of his ideas.”
Critical Negotiations
During rollercoaster discussions, Greece came dangerously on the brink of leaving the eurozone.
At stake was both Greece's destiny and those severe austerity policies demanded in exchange for rescue loans by foreign lenders.
Failed Options
Efforts to secure financing from other sources, such as an urgent plea to the Kremlin to purchase Greek bonds, were rejected.
Helping the indebted country would be tantamount to tossing cash in the trash-can, the Russian leader is reputed to have informed Tsipras during their meeting.
Referendum Followed by U-Turn
That summer, those excoriating bailout terms were subjected to a popular referendum, an action which threw the EU into a deeper existential crisis.
Although the referendum was carried decisively by voters against austerity, the prime minister was forced to reject its outcome and agree to a bailout package with creditors which proved to be even harsher.
Final Straw
Tsipras revealed how he started questioning his finance minister relatively soon.
“He was the face of negotiation, the man who attracted publicity, who graced the covers of magazines globally … it seemed he was enjoying the spotlight.”
After Varoufakis outlined a contingency plan involving establishing a secondary currency and distributing vouchers to retirees, Tsipras knew that it was game over and asked him: “Is this for real?”
Enduring Criticism
Within the memoir, Tsipras asserts how Varoufakis had proved himself to be “unsuitable for an agreement demanding intricate and sensitive handling.”
He further wrote how Varoufakis's confrontational style made him more and more alone with colleagues, endangered the country, and helped hawks that were pushing for Grexit.
This retelling of events has provoked anger and stunned disbelief in some quarters, whereas Varoufakis has kept a deafening silence on the matter.
