Within his newly released memoir, named Ithaki, the ex- leader Alexis Tsipras pulls no punches as he revisits the chaotic period of Greece's debt drama.
A Controversial Appointment
In the ex-PM's account, Tsipras appointed that maverick academic Yanis Varoufakis as his finance minister largely due to the latter's worldwide fame and Varoufakis's “extremely attractive” abilities as a communicator.
“In reality, he was, truthfully, more like a personality rather than an economic expert,” wrote Tsipras.
Clashing Agendas
Tsipras alleges that his finance chief had a personal motives that included promoting his books as well as testing out his own economic models using Greece instead of genuinely fighting for its economic stability.
He wrote that the talks to avoid bankruptcy were “not just a way to secure a better deal for the country. They became a test, an historic opportunity to demonstrate the validity of his economic theories.”
Critical Negotiations
During volatile discussions, the country found itself dangerously close to leaving the single currency area.
At stake was both Greece's destiny and the harsh cutbacks demanded in exchange for bailout funds by foreign lenders.
Failed Options
Attempts to secure financing from other sources, including an urgent plea to Russia to purchase Greek government bonds, fell on stony ground.
Helping the indebted country would be equivalent to throwing money into the garbage, the Russian leader reportedly told his Greek counterpart during their meeting.
Referendum and U-Turn
That summer, those excoriating bailout terms were subjected to a public vote, an action that threw Europe into a deeper crisis of identity.
Even though the vote was carried decisively by voters who opposed austerity, Tsipras was forced but to reject its outcome then negotiate a rescue deal with creditors that turned out to be tougher.
Final Straw
Tsipras claimed that he started questioning Varoufakis relatively soon.
“He was the face of the talks, the figure who drew media attention, who appeared on the front pages of magazines globally … it seemed he relished the spotlight.”
When the minister outlined a backup strategy involving creating a secondary currency as well as distributing vouchers to pensioners, Tsipras knew it was game over questioning him: “Are you serious?”
Enduring Rebuke
In the memoir, the author asserts that Varoufakis demonstrated himself “unfit for a deal that required complex and sensitive management.”
Tsipras further claimed how Varoufakis's confrontational style left him more and more alone with colleagues, put Greece at risk, and helped hawks that were advocating Grexit.
The retelling of events has provoked fury and shock among certain groups, whereas the former minister has so far maintained a conspicuous quiet on the matter.
