Within his recently unveiled personal account, named Ithaki, the ex- prime minister Alexis Tsipras pulls no punches as he revisits the turbulent era of Greece's financial crisis.
A Controversial Choice
According to the ex-PM's account, he chose the unorthodox academic Yanis Varoufakis as the treasury head largely because of his global profile along with his very persuasive skills as a communicator.
“In reality, he was, actually, more of a star rather than an economist,” recalled Tsipras.
Clashing Priorities
Tsipras claims that Varoufakis possessed his own motives which included promoting Varoufakis's books and testing out his economic models on the nation instead of genuinely advocating the country's financial survival.
He wrote that the discussions to stave off bankruptcy became “not just a method to secure a better deal for Greece. They were a test, a monumental opportunity to demonstrate the truth of his theories.”
Critical Talks
Amid tense negotiations, Greece found itself dangerously on the brink of exiting the eurozone.
On the line was both Greece's future and those severe austerity measures required in return for financial aid by international creditors.
Unsuccessful Options
Attempts to secure financing elsewhere, including a desperate plea to the Kremlin to buy Greek bonds, fell on stony ground.
Helping the indebted country was tantamount to throwing money into the garbage, the Russian leader is reputed to have told his Greek counterpart during their meeting.
Referendum Followed by Reversal
That summer, those excoriating conditions were put to a popular referendum, a move which threw Europe into a deeper crisis of identity.
Even though the vote was won resoundingly by those against the cuts, the prime minister had little option to reject its outcome and negotiate a rescue deal from creditors which turned out to be tougher.
Breaking Point
The ex-PM revealed how he started questioning his finance minister quite early on.
“He was the face of the talks, the man who drew media attention, who appeared on the covers of publications globally … he gave the impression he relished the spotlight.”
When the minister proposed a backup strategy involving establishing a parallel currency as well as issuing vouchers to retirees, Tsipras said he realised it was game over questioning Varoufakis: “Is this for real?”
Enduring Criticism
In the book, Tsipras asserts how Varoufakis demonstrated himself “unfit for an agreement demanding complex and delicate management.”
He further claimed how Varoufakis's confrontational style left him increasingly isolated among peers, endangered the country, while assisted hawks that were pushing for Grexit.
The retelling of history has provoked fury and shock among certain groups, whereas Varoufakis has so far maintained a deafening silence regarding these claims.
