Within his recently unveiled personal account, called Ithaki, the former leader Alexis Tsipras does not hold back as he reflects on the chaotic era of Greece's debt drama.
A Controversial Appointment
According to the ex-PM's recollections, Tsipras appointed the unorthodox economist Yanis Varoufakis as his finance minister largely because of the latter's international reputation and his very persuasive skills as a public orator.
“In reality, he was, actually, more like a celebrity rather than an economist,” wrote the 51-year-old.
Conflicting Agendas
Tsipras alleges that his finance chief had a personal agenda which included promoting Varoufakis's publications as well as testing out his game theories using Greece instead of genuinely fighting for its financial survival.
Tsipras noted that those discussions to prevent bankruptcy became “not only a method of achieving improved terms for the country. They became a test, an historic chance to demonstrate the validity of Varoufakis's ideas.”
High-Stakes Negotiations
During tense discussions, Greece came perilously on the brink of leaving the single currency area.
On the line lay both the country's destiny but also those punishing austerity measures demanded in exchange for bailout funds from international creditors.
Unsuccessful Alternatives
Efforts to secure financing elsewhere, including an urgent appeal to Russia to buy Greek bonds, fell on stony ground.
Assisting Greece was equivalent to tossing cash in the trash-can, Putin reportedly told his Greek counterpart during their meeting.
Referendum and Reversal
In July 2015, the excoriating bailout terms were put to a public vote, an action that threw Europe into further existential crisis.
Although the vote was won decisively by those against the cuts, the prime minister had little option to reject its outcome then negotiate a rescue deal with creditors that proved to be even harsher.
Final Straw
The ex-PM claimed that he began to doubt Varoufakis quite early on.
“Varoufakis was the public image of the talks, the man who drew media attention, who appeared on the covers of magazines globally … it seemed he was enjoying the spotlight.”
When Varoufakis outlined a backup strategy that included establishing a secondary currency and issuing vouchers to retirees, Tsipras knew it was game over and asked Varoufakis: “Are you serious?”
Enduring Criticism
Within the memoir, Tsipras asserts that his former ally demonstrated himself “unsuitable for a deal that required complex and sensitive management.”
Tsipras further claimed how Varoufakis's confrontational style made him increasingly isolated with colleagues, put Greece at risk, and assisted hardliners that were pushing for a Greek exit from the euro.
The retelling of events has been met with anger along with stunned disbelief among certain groups, while the former minister has so far kept a conspicuous quiet regarding these claims.
