Within his freshly published personal account, named Ithaki, the ex- prime minister Alexis Tsipras does not hold back as he examines that turbulent era during Greece's debt drama.
An Unconventional Choice
According to the ex-PM's account, he chose that unorthodox academic Yanis Varoufakis as the finance minister largely because of the latter's worldwide fame and Varoufakis's “extremely attractive” skills when it came to public orator.
“In reality, he was, truthfully, more like a star rather than an economic expert,” wrote Tsipras.
Clashing Agendas
The former leader suggests how Varoufakis possessed his own agenda that included advancing his books as well as experimenting with his own game theories using Greece rather than genuinely fighting for the country's financial survival.
He wrote that those discussions to prevent bankruptcy became “not just a method of achieving improved terms for Greece. They were an experiment, an historic opportunity to demonstrate the validity of Varoufakis's theories.”
High-Stakes Negotiations
Amid tense discussions, the country found itself dangerously close to exiting the single currency area.
At stake was not only Greece's destiny and the harsh austerity policies demanded in return for rescue loans by international creditors.
Failed Options
Efforts to find financing elsewhere, including a desperate plea to Russia to purchase Greek bonds, went unanswered.
Helping Greece would be tantamount to throwing money in the trash-can, the Russian leader reportedly informed Tsipras in Moscow.
Public Vote and Reversal
That summer, those excoriating bailout terms were put to a popular referendum, a move that plunged the EU into deeper crisis of identity.
Even though the referendum was carried resoundingly by those against the cuts, Tsipras had little option to reject its outcome and agree to a bailout package with foreign lenders which turned out to be more severe.
Final Straw
The ex-PM claimed how he started questioning Varoufakis relatively soon.
“He was the public image of the talks, the man who attracted media attention, who graced the covers of publications the world over … he gave the impression he relished his new role.”
After the minister proposed a backup strategy that included creating a secondary currency as well as issuing vouchers to retirees, Tsipras knew that it was game over and asked him: “Is this for real?”
Enduring Rebuke
Within the memoir, the author asserts that his former ally had proved himself “unsuitable for a deal demanding complex and delicate handling.”
He also wrote that his aggressive approach left him increasingly isolated among peers, put Greece at risk, and assisted hardliners who were pushing for a Greek exit from the euro.
The retelling of events has been met with anger and shock in some quarters, while the former minister has so far maintained a deafening silence regarding these claims.
