In a recently unveiled memoir, titled Ithaki, the former premier Alexis Tsipras pulls no punches as he revisits the turbulent period of Greece's financial crisis.
An Unconventional Choice
As per the ex-PM's recollections, he chose that unorthodox academic Yanis Varoufakis as the treasury head mainly because of the latter's international reputation along with Varoufakis's “extremely attractive” abilities as a public orator.
“He was, truthfully, more of a star rather than an economic expert,” stated Tsipras.
Conflicting Agendas
Tsipras alleges that his finance chief had a personal agenda that included promoting Varoufakis's publications and testing out his own theories using the nation rather than genuinely fighting for the country's financial survival.
He wrote how those discussions to prevent insolvency became “not just a method of achieving improved terms for the country. They became an experiment, a monumental chance to demonstrate the validity of Varoufakis's ideas.”
High-Stakes Talks
Amid volatile discussions, Greece came dangerously on the brink of leaving the single currency area.
At stake was not only Greece's future but also the severe austerity measures required in return for rescue loans from international creditors.
Unsuccessful Alternatives
Attempts to find financing from other sources, including a desperate plea to Russia to buy Greek bonds, went unanswered.
Assisting Greece was equivalent to tossing cash into the garbage, Putin is reputed to have told Tsipras in Moscow.
Referendum and U-Turn
In July 2015, those harsh conditions were put to a public vote, a move which plunged the EU into deeper existential crisis.
Although the referendum was carried resoundingly by voters who opposed the cuts, Tsipras was forced to ignore the result and agree to a rescue deal from foreign lenders that proved to be more severe.
Breaking Point
Tsipras claimed how he started questioning Varoufakis quite early on.
“He was the public image of negotiation, the figure who drew media attention, who graced the front pages of magazines globally … it seemed he relished the spotlight.”
When Varoufakis proposed a contingency plan that included establishing a parallel currency and issuing coupons to retirees, Tsipras knew that it was the end and asked him: “Is this for real?”
Enduring Criticism
In the book, the author asserts how Varoufakis had proved himself “unsuitable for an agreement that required complex and delicate management.”
He also claimed how his confrontational style left him more and more alone among peers, endangered the country, while assisted hawks who were advocating Grexit.
The retelling of history has provoked fury and stunned disbelief among certain groups, whereas the former minister has maintained a deafening silence on the matter.
