In a recently unveiled memoir, named Ithaki, the ex- prime minister Alexis Tsipras pulls no punches while he examines the turbulent period during Greece's financial crisis.
An Unconventional Appointment
According to the ex-PM's account, he appointed the unorthodox economist Varoufakis as his finance minister mainly due to his international reputation along with his very persuasive skills when it came to communicator.
“He was, truthfully, more like a star and less of an economist,” wrote Tsipras.
Clashing Agendas
Tsipras suggests how his finance chief possessed his own agenda that included promoting Varoufakis's books as well as testing out his own economic models on the nation instead of truly fighting for the country's economic stability.
Tsipras explained that those negotiations to avoid bankruptcy were “not just a method to secure improved terms for the country. They were an experiment, an historic chance to prove the truth of his theories.”
High-Stakes Talks
During volatile discussions, Greece found itself dangerously on the brink of leaving the eurozone.
On the line lay both the country's future but also those severe austerity measures required in return for bailout funds from international creditors.
Failed Alternatives
Efforts to secure financing elsewhere, including a desperate plea to Russia to purchase Greek bonds, went unanswered.
Assisting Greece would be equivalent to throwing money in the trash-can, Putin is reputed to have informed his Greek counterpart during their meeting.
Public Vote Followed by Reversal
That summer, the punitive conditions were put to a public vote, an action which plunged Europe into further existential crisis.
Although the referendum was carried decisively by those who opposed the cuts, Tsipras was forced but to reject its outcome and negotiate a rescue deal with creditors which proved to be even harsher.
Breaking Point
The ex-PM claimed that he started questioning his finance minister quite early on.
“Varoufakis was the public image of negotiation, the man who drew publicity, who appeared on the front pages of magazines globally … it seemed he was enjoying his new role.”
After the minister outlined a backup strategy involving creating a parallel currency and issuing vouchers to pensioners, Tsipras knew that it was game over questioning him: “Is this for real?”
Enduring Criticism
Within the book, the author concludes how his former ally demonstrated himself “unfit for an agreement that required complex and delicate handling.”
He further claimed how his confrontational style made him more and more alone with colleagues, endangered the country, while assisted hawks who were pushing for a Greek exit from the euro.
This retelling of history has been met with anger and stunned disbelief in some quarters, whereas the former minister has maintained a conspicuous quiet on the matter.
