In a recently unveiled memoir, called Ithaki, the former leader Alexis Tsipras pulls no punches while he revisits the chaotic era of Greece's financial crisis.
A Controversial Choice
As per Tsipras's account, he appointed the maverick academic Yanis Varoufakis as the finance minister largely due to his global profile and Varoufakis's very persuasive skills when it came to speaker.
“He was, actually, more like a star and less of an economist,” wrote the 51-year-old.
Conflicting Priorities
Tsipras alleges that his finance chief had his own agenda which involved promoting Varoufakis's publications as well as experimenting with his game theories on the nation instead of truly advocating its economic stability.
He noted that the discussions to stave off bankruptcy became “not just a way to secure improved terms for Greece. They became a test, an historic chance to prove the truth of his economic theories.”
Critical Negotiations
During volatile negotiations, the country came perilously close to leaving the eurozone.
At stake was not only Greece's future and those severe cutbacks demanded in return for financial aid by foreign lenders.
Unsuccessful Alternatives
Efforts to secure funds from other sources, including a desperate appeal to Russia to purchase Greek bonds, went unanswered.
Assisting Greece was equivalent to throwing money in the trash-can, Putin is reputed to have told his Greek counterpart in Moscow.
Public Vote and U-Turn
In July 2015, the harsh conditions were subjected to a popular referendum, a move that threw Europe into deeper existential crisis.
Although the vote was won resoundingly by those against austerity, Tsipras was forced to reject its outcome and agree to a rescue deal with creditors which turned out to be tougher.
Breaking Point
Tsipras revealed how he began to doubt his finance minister quite early on.
“He was the face of the talks, the man who attracted publicity, who graced the covers of publications globally … he gave the impression he was enjoying the spotlight.”
When Varoufakis proposed a contingency plan that included creating a parallel currency and issuing vouchers to pensioners, the leader knew that it was the end questioning Varoufakis: “Are you serious?”
Enduring Criticism
In the memoir, Tsipras asserts that Varoufakis demonstrated himself “unsuitable for an agreement that required intricate and sensitive management.”
Tsipras further wrote that Varoufakis's aggressive approach left him more and more alone with colleagues, endangered the country, and helped hawks that were advocating Grexit.
This account of events has provoked anger and shock among certain groups, while the former minister has so far maintained a deafening silence on the matter.
