In a recently unveiled memoir, named Ithaki, the ex- prime minister Alexis Tsipras pulls no punches as he revisits that chaotic period of Greece's debt drama.
A Controversial Choice
According to Tsipras's account, Tsipras selected that maverick economist Yanis Varoufakis to be his finance minister largely due to his global profile along with his “extremely attractive” abilities as a communicator.
“He was, in reality, more like a personality rather than an economic expert,” stated the 51-year-old.
Clashing Priorities
Tsipras alleges that Varoufakis had his own agenda which included promoting his books as well as testing out his theories using the nation instead of genuinely advocating its economic stability.
He explained that those talks to avoid insolvency became “not only a method of achieving a better deal for the country. They were a test, a monumental opportunity to demonstrate the truth of his theories.”
Critical Negotiations
During rollercoaster negotiations, Greece came dangerously on the brink of leaving the single currency area.
On the line was both the country's future but also those punishing austerity measures demanded in exchange for financial aid from international creditors.
Unsuccessful Alternatives
Efforts to find financing from other sources, including an urgent plea to Russia to buy Greek bonds, fell on stony ground.
Assisting the indebted country was equivalent to tossing cash in the trash-can, the Russian leader reportedly informed Tsipras during their meeting.
Referendum and Reversal
That summer, the harsh bailout terms were put to a public vote, an action which plunged Europe into a further existential crisis.
Even though the referendum was won resoundingly by voters against austerity, Tsipras was forced but to ignore the result then negotiate a rescue deal with creditors that turned out to be more severe.
Breaking Point
The ex-PM revealed how he started questioning Varoufakis quite early on.
“He was the face of the talks, the man who drew media attention, who appeared on the covers of publications globally … it seemed he was enjoying the spotlight.”
When Varoufakis outlined a backup strategy involving creating a secondary currency as well as issuing vouchers to retirees, the leader said he realised that it was the end and asked him: “Is this for real?”
Enduring Rebuke
Within the memoir, the author asserts that his former ally demonstrated himself to be “unsuitable for an agreement that required intricate and sensitive management.”
Tsipras also claimed how Varoufakis's confrontational style made him increasingly isolated with colleagues, endangered the country, while assisted hardliners who were advocating a Greek exit from the euro.
This retelling of events has provoked anger and shock among certain groups, whereas the former minister has maintained a deafening silence regarding these claims.
