Within his recently unveiled autobiography, titled Ithaki, the ex- prime minister Alexis Tsipras pulls no punches as he examines that turbulent period during Greece's financial crisis.
An Unconventional Appointment
According to Tsipras's version, he selected that unorthodox economist Yanis Varoufakis to be his finance minister primarily due to his worldwide fame and Varoufakis's “extremely attractive” skills when it came to speaker.
“He was, truthfully, more of a celebrity and less of an economist,” recalled Tsipras.
Clashing Agendas
Tsipras alleges how Varoufakis possessed his own motives that involved advancing his books as well as testing out his theories on Greece instead of truly advocating its economic stability.
Tsipras noted that those negotiations to stave off insolvency became “not only a method to secure improved terms for the country. They were a test, a monumental opportunity to demonstrate the truth of Varoufakis's ideas.”
Critical Negotiations
During tense negotiations, the country found itself perilously on the brink of exiting the single currency area.
On the line lay both the country's destiny but also the punishing austerity policies required in exchange for financial aid from international creditors.
Unsuccessful Options
Attempts to find funds elsewhere, including an urgent plea to Russia to purchase Greek bonds, went unanswered.
Helping Greece would be tantamount to tossing cash into the garbage, the Russian leader is reputed to have informed his Greek counterpart in Moscow.
Public Vote and U-Turn
That summer, the harsh conditions were subjected to a popular referendum, a move that plunged the EU into a further crisis of identity.
Even though the vote was carried resoundingly by voters against the cuts, Tsipras was forced but to ignore the result and agree to a rescue deal from foreign lenders that turned out to be tougher.
Final Straw
The ex-PM claimed that he started questioning his finance minister quite early on.
“He was the public image of negotiation, the man who drew publicity, who appeared on the front pages of publications the world over … it seemed he relished his new role.”
After Varoufakis outlined a backup strategy involving creating a secondary currency as well as issuing vouchers to pensioners, Tsipras knew that it was the end questioning Varoufakis: “Are you serious?”
Lasting Criticism
Within the memoir, the author asserts how Varoufakis demonstrated himself “unsuitable for a deal demanding intricate and sensitive handling.”
He also claimed how Varoufakis's confrontational approach made him increasingly isolated among peers, put Greece at risk, while helped hardliners that were pushing for a Greek exit from the euro.
The retelling of history has provoked anger along with shock in some quarters, whereas the former minister has kept a conspicuous quiet on the matter.
