In a freshly published personal account, titled Ithaki, the former prime minister Alexis Tsipras pulls no punches as he revisits the chaotic era of Greece's debt drama.
A Controversial Choice
In Tsipras's recollections, Tsipras selected the maverick academic Yanis Varoufakis to be the finance minister mainly because of the latter's global profile along with his highly compelling abilities when it came to communicator.
“He was, in reality, more like a personality rather than an economist,” wrote Tsipras.
Clashing Priorities
The former leader suggests that Varoufakis possessed a personal motives which involved advancing Varoufakis's books and testing out his economic models on the nation instead of genuinely fighting for the country's economic stability.
He noted that the negotiations to avoid insolvency became “not only a way of achieving improved terms for the country. They became an experiment, a monumental opportunity to demonstrate the truth of his ideas.”
High-Stakes Negotiations
Amid tense negotiations, Greece found itself dangerously close to leaving the single currency area.
At stake lay both Greece's destiny and those harsh cutbacks demanded in return for rescue loans by foreign lenders.
Unsuccessful Alternatives
Efforts to secure financing elsewhere, including an urgent appeal to the Kremlin to buy Greek government bonds, were rejected.
Helping the indebted country was tantamount to tossing cash into the garbage, Putin reportedly told his Greek counterpart in Moscow.
Public Vote Followed by U-Turn
In July 2015, the punitive conditions were subjected to a popular referendum, a move which plunged Europe into a deeper existential crisis.
Although the vote was carried resoundingly by voters against austerity, Tsipras had little option to reject its outcome and agree to a rescue deal with foreign lenders which proved to be more severe.
Final Straw
The ex-PM claimed how he started questioning Varoufakis quite early on.
“He was the face of the talks, the man who drew media attention, who appeared on the covers of publications the world over … it seemed he relished his new role.”
When Varoufakis outlined a contingency plan involving establishing a parallel currency as well as distributing coupons to retirees, Tsipras said he realised it was game over and asked Varoufakis: “Can you be serious?”
Lasting Criticism
In the memoir, the author asserts that his former ally demonstrated himself to be “unfit for an agreement that required intricate and delicate handling.”
He also claimed that his confrontational style made him more and more alone among peers, endangered the country, while assisted hardliners who were pushing for Grexit.
The retelling of events has been met with fury along with shock in some quarters, while the former minister has maintained a conspicuous quiet on the matter.
