In a newly released autobiography, called Ithaki, the ex- premier Alexis Tsipras does not hold back while he reflects on that chaotic period of Greece's financial crisis.
An Unconventional Choice
As per the ex-PM's recollections, he chose the unorthodox academic Yanis Varoufakis as his finance minister mainly due to his global profile along with his “extremely attractive” abilities when it came to speaker.
“He was, actually, more like a star rather than an economist,” stated Tsipras.
Clashing Agendas
The former leader suggests how Varoufakis had his own agenda that included advancing Varoufakis's publications and testing out his own theories on the nation rather than genuinely advocating its economic stability.
Tsipras explained how those talks to avoid bankruptcy were “not only a way to secure improved terms for the country. They became a test, an historic chance to demonstrate the truth of his economic theories.”
High-Stakes Talks
Amid rollercoaster discussions, Greece found itself perilously close to exiting the eurozone.
On the line was not only Greece's destiny and the harsh cutbacks demanded in exchange for rescue loans from international creditors.
Failed Alternatives
Attempts to find financing from other sources, such as a desperate plea to Russia to purchase Greek government bonds, fell on stony ground.
Assisting the indebted country would be tantamount to tossing cash into the garbage, Putin reportedly informed Tsipras during their meeting.
Public Vote Followed by U-Turn
In July 2015, the excoriating bailout terms were put to a public vote, a move which threw Europe into further existential crisis.
Although the referendum was carried decisively by voters against austerity, the prime minister was forced to ignore the result then agree to a bailout package with creditors that turned out to be even harsher.
Final Straw
Tsipras revealed how he started questioning Varoufakis relatively soon.
“Varoufakis was the face of negotiation, the man who attracted publicity, who graced the front pages of publications globally … it seemed he relished his new role.”
After the minister outlined a backup strategy involving creating a secondary currency and issuing vouchers to retirees, the leader said he realised that it was the end questioning him: “Are you serious?”
Enduring Rebuke
Within the memoir, the author asserts how Varoufakis demonstrated himself to be “unfit for a deal demanding intricate and delicate handling.”
He also wrote how Varoufakis's aggressive style left him increasingly isolated among peers, put Greece at risk, and assisted hawks who were pushing for a Greek exit from the euro.
This retelling of history has been met with fury along with shock among certain groups, while the former minister has so far maintained a conspicuous quiet regarding these claims.
