Within his newly released autobiography, called Ithaki, the ex- prime minister Alexis Tsipras pulls no punches as he examines that chaotic period during Greece's financial crisis.
A Controversial Appointment
As per Tsipras's version, he selected the unorthodox economist Yanis Varoufakis as his finance minister primarily due to his international reputation and his “extremely attractive” skills when it came to public orator.
“He was, truthfully, more like a personality rather than an economic expert,” recalled the 51-year-old.
Clashing Agendas
Tsipras alleges how Varoufakis possessed a personal motives that involved promoting his publications as well as experimenting with his economic models using the nation instead of truly fighting for the country's economic stability.
Tsipras wrote how those talks to prevent bankruptcy were “not only a way of achieving improved terms for Greece. They became an experiment, a monumental chance to prove the validity of his ideas.”
Critical Negotiations
During volatile discussions, Greece came perilously close to leaving the single currency area.
At stake was both the country's future and those severe austerity policies required in exchange for rescue loans from international creditors.
Failed Alternatives
Attempts to secure financing elsewhere, including an urgent plea to the Kremlin to purchase Greek government bonds, were rejected.
Assisting Greece would be equivalent to throwing money in the trash-can, the Russian leader is reputed to have told Tsipras during their meeting.
Referendum Followed by Reversal
That summer, those excoriating conditions were subjected to a public vote, an action that plunged the EU into further existential crisis.
Even though the vote was won resoundingly by voters against austerity, Tsipras had little option to ignore the result then agree to a rescue deal from foreign lenders which turned out to be more severe.
Breaking Point
Tsipras claimed how he began to doubt Varoufakis relatively soon.
“He was the face of the talks, the figure who attracted media attention, who graced the front pages of publications globally … it seemed he was enjoying the spotlight.”
When Varoufakis outlined a backup strategy involving establishing a parallel currency and distributing vouchers to pensioners, the leader said he realised it was the end and asked him: “Are you serious?”
Enduring Rebuke
Within the book, the author asserts how Varoufakis demonstrated himself “unsuitable for an agreement that required intricate and sensitive handling.”
He also claimed how his aggressive style left him increasingly isolated with colleagues, put Greece at risk, while assisted hawks that were advocating Grexit.
The account of events has been met with fury along with shock among certain groups, whereas the former minister has so far maintained a conspicuous quiet on the matter.
