Within his newly released memoir, titled Ithaki, the ex- leader Alexis Tsipras does not hold back as he reflects on that turbulent period during Greece's debt drama.
An Unconventional Appointment
In Tsipras's account, Tsipras chose that unorthodox economist Yanis Varoufakis as the treasury head largely due to the latter's international reputation and Varoufakis's very persuasive skills when it came to public orator.
“In reality, he was, in reality, more of a celebrity and less of an economist,” recalled Tsipras.
Clashing Priorities
The former leader claims that his finance chief had his own motives which included promoting Varoufakis's publications and experimenting with his own economic models using Greece rather than genuinely advocating the country's financial survival.
Tsipras noted how the talks to stave off bankruptcy were “not only a method of achieving a better deal for the country. They were an experiment, a monumental opportunity to prove the truth of his ideas.”
High-Stakes Talks
Amid volatile negotiations, Greece found itself dangerously close to exiting the single currency area.
At stake lay not only the country's destiny but also the severe cutbacks required in exchange for rescue loans from international creditors.
Failed Options
Attempts to secure funds from other sources, including an urgent appeal to Russia to buy Greek government bonds, went unanswered.
Helping Greece was equivalent to throwing money into the garbage, Putin is reputed to have told Tsipras in Moscow.
Public Vote and U-Turn
In July 2015, those excoriating bailout terms were put to a popular referendum, a move that plunged Europe into further existential crisis.
Even though the referendum was carried resoundingly by those against the cuts, Tsipras was forced but to reject its outcome then negotiate a bailout package with foreign lenders which proved to be more severe.
Final Straw
The ex-PM claimed how he began to doubt his finance minister quite early on.
“Varoufakis was the public image of the talks, the figure who attracted publicity, who graced the covers of publications the world over … it seemed he relished his new role.”
After Varoufakis proposed a contingency plan that included creating a parallel currency and issuing vouchers to retirees, the leader knew it was game over questioning him: “Can you be serious?”
Enduring Rebuke
In the book, Tsipras asserts that his former ally had proved himself “unfit for an agreement that required intricate and sensitive handling.”
He also claimed how his confrontational style left him increasingly isolated among peers, endangered the country, and assisted hawks who were pushing for Grexit.
This account of events has been met with fury and shock among certain groups, while the former minister has so far kept a conspicuous quiet regarding these claims.
