Within his recently unveiled autobiography, titled Ithaki, the former leader Alexis Tsipras does not hold back as he reflects on the turbulent period of Greece's economic turmoil.
A Controversial Choice
According to the ex-PM's recollections, Tsipras appointed that unorthodox academic Yanis Varoufakis to be the treasury head mainly due to his worldwide fame and his highly compelling abilities when it came to speaker.
“He was, truthfully, more of a celebrity rather than an economic expert,” recalled the 51-year-old.
Conflicting Agendas
Tsipras claims that his finance chief had a personal motives which involved promoting his books and experimenting with his own economic models on Greece instead of truly advocating its financial survival.
He noted that the discussions to stave off bankruptcy became “not just a method of achieving improved terms for the country. They became a test, a monumental opportunity to demonstrate the truth of Varoufakis's ideas.”
High-Stakes Negotiations
Amid tense negotiations, the country came perilously on the brink of leaving the eurozone.
At stake was not only Greece's destiny and those severe austerity measures required in exchange for rescue loans by international creditors.
Unsuccessful Alternatives
Attempts to find funds elsewhere, including an urgent plea to Russia to buy Greek bonds, went unanswered.
Assisting the indebted country was tantamount to throwing money in the trash-can, Putin is reputed to have told his Greek counterpart in Moscow.
Public Vote Followed by Reversal
That summer, the punitive bailout terms were put to a popular referendum, an action which plunged the EU into deeper crisis of identity.
Even though the referendum was carried resoundingly by voters who opposed the cuts, Tsipras had little option to reject its outcome then negotiate a bailout package with creditors which proved to be more severe.
Final Straw
Tsipras claimed that he started questioning Varoufakis quite early on.
“Varoufakis was the public image of the talks, the man who attracted publicity, who appeared on the covers of magazines the world over … he gave the impression he was enjoying the spotlight.”
When the minister proposed a contingency plan that included creating a parallel currency and issuing coupons to pensioners, the leader said he realised that it was the end and asked Varoufakis: “Are you serious?”
Enduring Rebuke
Within the book, the author asserts how Varoufakis demonstrated himself to be “unsuitable for an agreement that required intricate and delicate handling.”
Tsipras also wrote how his confrontational style left him increasingly isolated with colleagues, put Greece at risk, while helped hardliners who were advocating a Greek exit from the euro.
This retelling of events has been met with fury along with stunned disbelief in some quarters, whereas the former minister has maintained a conspicuous quiet on the matter.
