In a freshly published memoir, named Ithaki, the ex- premier Alexis Tsipras pulls no punches as he reflects on that turbulent period during Greece's debt drama.
An Unconventional Choice
As per the ex-PM's recollections, he appointed the maverick economist Yanis Varoufakis to be his finance minister largely due to the latter's worldwide fame along with Varoufakis's highly compelling skills as a public orator.
“He was, in reality, more of a celebrity and less of an economic expert,” stated Tsipras.
Clashing Priorities
The former leader suggests how his finance chief had a personal motives that involved promoting Varoufakis's publications as well as experimenting with his economic models on the nation instead of genuinely advocating its financial survival.
He wrote that the negotiations to avoid bankruptcy became “not only a way to secure a better deal for the country. They became a test, an historic chance to demonstrate the validity of Varoufakis's economic theories.”
High-Stakes Negotiations
Amid rollercoaster discussions, Greece came perilously on the brink of exiting the eurozone.
On the line lay both Greece's destiny and the severe austerity measures required in exchange for bailout funds by foreign lenders.
Unsuccessful Alternatives
Attempts to find funds elsewhere, such as an urgent plea to the Kremlin to purchase Greek government bonds, went unanswered.
Helping Greece was tantamount to tossing cash in the trash-can, the Russian leader reportedly informed Tsipras during their meeting.
Public Vote and Reversal
That summer, the excoriating conditions were put to a popular referendum, a move that plunged the EU into a deeper crisis of identity.
Although the referendum was carried decisively by voters who opposed austerity, Tsipras was forced but to reject its outcome and negotiate a bailout package with creditors that turned out to be tougher.
Breaking Point
Tsipras claimed that he began to doubt Varoufakis relatively soon.
“He was the face of negotiation, the man who attracted media attention, who appeared on the front pages of publications the world over … he gave the impression he relished the spotlight.”
After the minister outlined a contingency plan involving establishing a secondary currency and distributing coupons to retirees, Tsipras said he realised it was game over and asked him: “Is this for real?”
Enduring Rebuke
Within the memoir, Tsipras asserts how his former ally demonstrated himself “unsuitable for an agreement demanding complex and sensitive management.”
He also claimed that his confrontational approach made him more and more alone with colleagues, endangered the country, while assisted hardliners who were pushing for Grexit.
This retelling of history has provoked fury and shock in some quarters, while the former minister has so far kept a deafening silence regarding these claims.
