Within his recently unveiled memoir, called Ithaki, the ex- premier Alexis Tsipras does not hold back while he revisits the turbulent period of Greece's debt drama.
An Unconventional Choice
In Tsipras's recollections, Tsipras selected the maverick academic Yanis Varoufakis as the finance minister largely because of the latter's worldwide fame and his highly compelling abilities as a speaker.
“In reality, he was, actually, more of a personality rather than an economist,” stated Tsipras.
Clashing Agendas
The former leader claims how his finance chief possessed a personal motives that included promoting his publications as well as experimenting with his own economic models on Greece rather than genuinely advocating its financial survival.
He explained that the negotiations to stave off insolvency were “not only a method of achieving improved terms for Greece. They became a test, an historic chance to demonstrate the validity of his ideas.”
High-Stakes Negotiations
Amid rollercoaster discussions, Greece came perilously on the brink of exiting the single currency area.
At stake lay not only the country's future and those severe austerity policies required in exchange for rescue loans from foreign lenders.
Failed Options
Attempts to secure funds from other sources, including an urgent appeal to Russia to buy Greek bonds, fell on stony ground.
Helping the indebted country was tantamount to tossing cash into the garbage, Putin is reputed to have informed his Greek counterpart in Moscow.
Public Vote and U-Turn
That summer, the excoriating bailout terms were subjected to a public vote, an action that threw the EU into further existential crisis.
Even though the vote was won decisively by voters against the cuts, Tsipras was forced to ignore the result then agree to a bailout package with foreign lenders which proved to be tougher.
Final Straw
The ex-PM revealed how he started questioning Varoufakis quite early on.
“Varoufakis was the public image of the talks, the man who drew media attention, who graced the front pages of publications the world over … it seemed he was enjoying the spotlight.”
When the minister proposed a contingency plan involving establishing a parallel currency and distributing coupons to retirees, the leader knew it was game over questioning Varoufakis: “Is this for real?”
Enduring Criticism
In the memoir, the author concludes how Varoufakis demonstrated himself to be “unsuitable for an agreement demanding intricate and sensitive handling.”
He also wrote that Varoufakis's aggressive style made him increasingly isolated with colleagues, endangered the country, and assisted hardliners that were advocating a Greek exit from the euro.
The account of history has been met with fury along with shock in some quarters, while the former minister has kept a conspicuous quiet regarding these claims.
