In a newly released personal account, titled Ithaki, the former leader Alexis Tsipras pulls no punches while he examines that turbulent era during Greece's debt drama.
An Unconventional Choice
According to Tsipras's account, he appointed the unorthodox economist Yanis Varoufakis as the finance minister largely because of his worldwide fame along with Varoufakis's very persuasive abilities when it came to public orator.
“He was, truthfully, more like a celebrity and less of an economic expert,” wrote Tsipras.
Clashing Agendas
The former leader suggests how his finance chief had his own motives which included promoting his publications and experimenting with his game theories on Greece instead of truly fighting for its economic stability.
Tsipras noted how those discussions to stave off bankruptcy became “not only a way to secure a better deal for the country. They became an experiment, an historic chance to prove the validity of his ideas.”
High-Stakes Talks
During volatile discussions, Greece came perilously close to leaving the single currency area.
At stake was both Greece's destiny and the harsh cutbacks required in exchange for bailout funds from foreign lenders.
Unsuccessful Options
Attempts to secure financing from other sources, including an urgent appeal to Russia to purchase Greek government bonds, were rejected.
Assisting the indebted country was equivalent to throwing money into the garbage, the Russian leader is reputed to have told Tsipras during their meeting.
Public Vote Followed by Reversal
In July 2015, the harsh conditions were put to a public vote, a move which threw the EU into a deeper crisis of identity.
Even though the referendum was carried resoundingly by voters who opposed the cuts, Tsipras had little option to ignore the result then negotiate a bailout package with creditors which turned out to be more severe.
Breaking Point
Tsipras revealed how he started questioning Varoufakis relatively soon.
“He was the face of negotiation, the figure who attracted media attention, who graced the front pages of publications the world over … he gave the impression he was enjoying his new role.”
After the minister proposed a contingency plan that included creating a secondary currency as well as issuing vouchers to retirees, Tsipras said he realised that it was game over and asked him: “Can you be serious?”
Enduring Rebuke
Within the memoir, the author asserts how his former ally demonstrated himself to be “unfit for an agreement demanding intricate and delicate handling.”
He also wrote how Varoufakis's confrontational approach made him increasingly isolated among peers, endangered the country, and assisted hawks who were pushing for a Greek exit from the euro.
This retelling of events has been met with anger along with stunned disbelief among certain groups, whereas the former minister has so far kept a deafening silence on the matter.
