Within his newly released personal account, titled Ithaki, the ex- leader Alexis Tsipras pulls no punches while he revisits that chaotic period of Greece's debt drama.
A Controversial Choice
In Tsipras's account, he appointed that maverick economist Yanis Varoufakis as his finance minister mainly because of the latter's international reputation along with Varoufakis's “extremely attractive” skills as a communicator.
“He was, actually, more like a star and less of an economic expert,” stated Tsipras.
Conflicting Agendas
Tsipras claims that Varoufakis possessed his own motives which involved advancing Varoufakis's books and experimenting with his economic models on the nation instead of genuinely advocating its economic stability.
He explained that the discussions to prevent bankruptcy became “not just a method to secure improved terms for the country. They were an experiment, an historic opportunity to prove the truth of Varoufakis's theories.”
High-Stakes Talks
During volatile discussions, Greece came dangerously on the brink of exiting the single currency area.
On the line lay both Greece's destiny and the severe austerity measures required in return for financial aid from foreign lenders.
Failed Alternatives
Efforts to secure financing from other sources, including an urgent plea to Russia to purchase Greek bonds, went unanswered.
Assisting Greece would be equivalent to throwing money into the garbage, the Russian leader is reputed to have told his Greek counterpart in Moscow.
Public Vote Followed by U-Turn
That summer, those excoriating bailout terms were subjected to a public vote, a move which threw the EU into a deeper crisis of identity.
Although the vote was won resoundingly by those who opposed the cuts, the prime minister was forced to reject its outcome then agree to a bailout package from foreign lenders which proved to be more severe.
Final Straw
The ex-PM revealed that he started questioning his finance minister quite early on.
“He was the public image of the talks, the man who drew publicity, who appeared on the covers of publications globally … he gave the impression he was enjoying his new role.”
After the minister outlined a contingency plan that included establishing a secondary currency as well as distributing coupons to pensioners, Tsipras knew it was game over and asked him: “Is this for real?”
Enduring Rebuke
Within the memoir, Tsipras asserts that Varoufakis demonstrated himself to be “unsuitable for a deal demanding intricate and delicate management.”
He also wrote how Varoufakis's aggressive approach left him more and more alone among peers, put Greece at risk, while assisted hardliners who were advocating a Greek exit from the euro.
The account of events has been met with fury along with shock in some quarters, while the former minister has kept a deafening silence on the matter.
