In a newly released memoir, called Ithaki, the former leader Alexis Tsipras spares no criticism while he examines the turbulent era during Greece's debt drama.
A Controversial Choice
As per Tsipras's version, Tsipras chose the maverick academic Yanis Varoufakis as the finance minister mainly because of his global profile and his very persuasive abilities when it came to speaker.
“In reality, he was, truthfully, more of a celebrity and less of an economist,” recalled Tsipras.
Clashing Agendas
The former leader suggests how his finance chief had a personal agenda that included promoting Varoufakis's books as well as experimenting with his economic models using Greece rather than genuinely advocating the country's economic stability.
He wrote that those negotiations to avoid insolvency were “not only a way of achieving improved terms for the country. They became an experiment, a monumental opportunity to prove the truth of his ideas.”
High-Stakes Talks
During volatile negotiations, Greece came dangerously on the brink of exiting the single currency area.
On the line was not only Greece's future and those harsh cutbacks required in exchange for bailout funds from international creditors.
Unsuccessful Options
Attempts to secure financing elsewhere, such as an urgent appeal to Russia to purchase Greek bonds, were rejected.
Assisting the indebted country was equivalent to throwing money in the trash-can, the Russian leader is reputed to have informed Tsipras during their meeting.
Referendum and Reversal
In July 2015, those excoriating bailout terms were subjected to a public vote, a move that threw the EU into a deeper crisis of identity.
Even though the vote was carried resoundingly by those who opposed the cuts, the prime minister had little option to ignore the result and negotiate a bailout package with foreign lenders that turned out to be tougher.
Breaking Point
The ex-PM claimed that he began to doubt Varoufakis relatively soon.
“He was the public image of the talks, the man who drew media attention, who graced the covers of magazines the world over … he gave the impression he relished the spotlight.”
When the minister proposed a contingency plan that included establishing a secondary currency and issuing coupons to pensioners, Tsipras said he realised that it was game over and asked Varoufakis: “Is this for real?”
Enduring Rebuke
Within the memoir, the author concludes how his former ally demonstrated himself to be “unfit for an agreement demanding complex and delicate management.”
He also wrote how his aggressive style made him increasingly isolated among peers, put Greece at risk, and assisted hardliners that were advocating a Greek exit from the euro.
This retelling of events has been met with anger and stunned disbelief in some quarters, while Varoufakis has so far maintained a deafening silence regarding these claims.
