In a recently unveiled autobiography, called Ithaki, the former premier Alexis Tsipras does not hold back while he examines that chaotic era of Greece's financial crisis.
An Unconventional Appointment
As per the ex-PM's account, he selected the maverick academic Yanis Varoufakis to be the treasury head primarily because of his worldwide fame and his “extremely attractive” abilities when it came to speaker.
“In reality, he was, actually, more like a personality rather than an economic expert,” wrote the 51-year-old.
Conflicting Priorities
The former leader alleges how Varoufakis possessed a personal motives which involved advancing his books and experimenting with his own economic models using the nation rather than genuinely advocating the country's economic stability.
He wrote that those negotiations to prevent insolvency became “not just a method to secure a better deal for Greece. They became a test, an historic opportunity to demonstrate the truth of his economic theories.”
High-Stakes Negotiations
During volatile discussions, the country came dangerously on the brink of exiting the eurozone.
On the line lay not only the country's future but also those punishing austerity policies required in return for financial aid from foreign lenders.
Failed Alternatives
Attempts to find financing from other sources, including a desperate appeal to the Kremlin to purchase Greek government bonds, went unanswered.
Helping Greece 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 punitive bailout terms were subjected to a public vote, a move which plunged Europe into further crisis of identity.
Even though the referendum was won decisively by voters against the cuts, Tsipras was forced to ignore the result and negotiate a rescue deal with foreign lenders that turned out to be tougher.
Final Straw
Tsipras revealed that he began to doubt his finance minister relatively soon.
“Varoufakis was the public image of the talks, the figure who drew media attention, who graced the front pages of magazines globally … it seemed he was enjoying his new role.”
When the minister proposed a backup strategy that included establishing a parallel currency as well as issuing coupons to retirees, the leader knew it was game over questioning Varoufakis: “Can you be serious?”
Enduring Rebuke
Within the memoir, Tsipras asserts that his former ally demonstrated himself “unfit for an agreement demanding intricate and sensitive handling.”
Tsipras also wrote how Varoufakis's aggressive approach made him more and more alone among peers, put Greece at risk, and helped hardliners that were advocating Grexit.
This account of events has been met with fury and stunned disbelief among certain groups, while Varoufakis has maintained a conspicuous quiet on the matter.
