Within his recently unveiled memoir, titled Ithaki, the ex- prime minister Alexis Tsipras does not hold back while he revisits that chaotic period during Greece's debt drama.
An Unconventional Choice
According to Tsipras's version, Tsipras chose the maverick academic Yanis Varoufakis to be his treasury head primarily due to his international reputation along with Varoufakis's highly compelling abilities as a speaker.
“He was, truthfully, more like a personality and less of an economic expert,” stated the 51-year-old.
Conflicting Agendas
Tsipras claims that Varoufakis had his own agenda that involved advancing Varoufakis's publications as well as testing out his own economic models using Greece instead of truly advocating the country's economic stability.
He explained how the negotiations to stave off bankruptcy became “not just a method to secure improved terms for the country. They were a test, an historic chance to demonstrate the truth of his theories.”
High-Stakes Negotiations
During rollercoaster discussions, Greece came perilously close to leaving the eurozone.
At stake lay both Greece's destiny and the harsh austerity policies required in return for financial aid by international creditors.
Unsuccessful Options
Efforts to find financing elsewhere, such as a desperate appeal to Russia to buy Greek government bonds, fell on stony ground.
Assisting the indebted country was equivalent to throwing money in the trash-can, the Russian leader is reputed to have informed his Greek counterpart during their meeting.
Referendum and U-Turn
In July 2015, those harsh bailout terms were subjected to a public vote, an action which plunged the EU into a further crisis of identity.
Even though the vote was won resoundingly by voters who opposed austerity, the prime minister was forced to reject its outcome and agree to a rescue deal from foreign lenders which turned out to be tougher.
Breaking Point
The ex-PM revealed how he started questioning his finance minister quite early on.
“Varoufakis was the face of negotiation, the man who drew publicity, who appeared on the front pages of publications the world over … he gave the impression he relished his new role.”
When Varoufakis outlined a backup strategy involving creating a secondary currency and distributing coupons to retirees, the leader said he realised that it was the end and asked Varoufakis: “Are you serious?”
Lasting Rebuke
Within the book, the author asserts how his former ally demonstrated himself “unfit for a deal that required complex and delicate management.”
Tsipras further wrote how his aggressive approach made him increasingly isolated among peers, endangered the country, and assisted hawks who were pushing for Grexit.
This retelling of history has been met with anger along with shock in some quarters, while the former minister has maintained a conspicuous quiet regarding these claims.
