Within his recently unveiled personal account, titled Ithaki, the ex- premier Alexis Tsipras does not hold back while he revisits the chaotic period of Greece's debt drama.
A Controversial Appointment
As per the ex-PM's version, he appointed the unorthodox economist Yanis Varoufakis to be his finance minister mainly due to his international reputation and Varoufakis's very persuasive skills as a communicator.
“In reality, he was, actually, more of a personality rather than an economic expert,” recalled Tsipras.
Clashing Agendas
The former leader alleges how Varoufakis possessed a personal motives that involved promoting Varoufakis's books as well as experimenting with his own economic models on Greece instead of genuinely advocating its financial survival.
Tsipras explained that the discussions to prevent bankruptcy became “not only a method of achieving improved terms for the country. They became a test, an historic chance to prove the truth of his theories.”
High-Stakes Negotiations
During tense negotiations, Greece found itself perilously on the brink of exiting the single currency area.
At stake was both the country's future and the harsh austerity measures demanded in exchange for rescue loans from international creditors.
Failed Options
Attempts to secure funds from other sources, including an urgent plea to Russia to buy Greek bonds, went unanswered.
Assisting the indebted country was equivalent to throwing money in the trash-can, Putin reportedly informed his Greek counterpart in Moscow.
Public Vote and U-Turn
That summer, the excoriating conditions were put to a popular referendum, a move that plunged Europe into a deeper crisis of identity.
Even though the referendum was carried decisively by those against austerity, Tsipras had little option but to reject its outcome then agree to a bailout package from creditors which proved to be more severe.
Breaking Point
Tsipras revealed that he started questioning his finance minister relatively soon.
“Varoufakis was the face of the talks, the figure who attracted media attention, who graced the front pages of magazines globally … it seemed he was enjoying the spotlight.”
When the minister proposed a contingency plan that included creating a secondary currency and issuing coupons to pensioners, Tsipras knew it was game over and asked Varoufakis: “Is this for real?”
Enduring Rebuke
In the memoir, the author concludes how Varoufakis demonstrated himself to be “unsuitable for a deal that required intricate and sensitive handling.”
Tsipras further claimed how his aggressive style left him increasingly isolated with colleagues, put Greece at risk, and assisted hardliners that were pushing for Grexit.
The account of history has provoked fury along with stunned disbelief among certain groups, whereas Varoufakis has kept a deafening silence regarding these claims.
