In a newly released personal account, called Ithaki, the former prime minister Alexis Tsipras pulls no punches as he revisits the chaotic period during Greece's debt drama.
A Controversial Choice
As per Tsipras's recollections, he selected that unorthodox academic Yanis Varoufakis as the finance minister primarily due to the latter's international reputation along with Varoufakis's “extremely attractive” abilities as a communicator.
“In reality, he was, in reality, more of a celebrity and less of an economist,” wrote Tsipras.
Clashing Priorities
The former leader suggests how his finance chief had his own motives which included promoting his books as well as experimenting with his own theories on the nation rather than truly advocating the country's economic stability.
Tsipras wrote how those talks to prevent insolvency became “not just a way of achieving improved terms for Greece. They became a test, a monumental chance to demonstrate the truth of Varoufakis's ideas.”
High-Stakes Talks
During rollercoaster discussions, Greece found itself perilously close to exiting the single currency area.
At stake lay both Greece's destiny and those severe austerity measures demanded in exchange for rescue loans by foreign lenders.
Unsuccessful Alternatives
Efforts to find funds from other sources, such as an urgent plea to Russia to purchase Greek bonds, fell on stony ground.
Helping Greece would be equivalent to throwing money in the trash-can, Putin reportedly told his Greek counterpart during their meeting.
Referendum Followed by Reversal
That summer, the harsh conditions were subjected to a popular referendum, a move that threw Europe into a further existential crisis.
Although the vote was won resoundingly by voters against austerity, Tsipras was forced but to ignore the result and negotiate a rescue deal with creditors which turned out to be even harsher.
Breaking Point
The ex-PM revealed how he started questioning Varoufakis quite early on.
“He was the public image of the talks, the man who attracted media attention, who graced the covers of publications the world over … it seemed he was enjoying the spotlight.”
When the minister proposed a contingency plan involving establishing a parallel currency as well as issuing vouchers to pensioners, the leader said he realised that it was the end and asked him: “Can you be serious?”
Enduring Criticism
Within the book, the author concludes how his former ally demonstrated himself to be “unfit for an agreement that required complex and delicate handling.”
He also claimed that his confrontational style left him more and more alone with colleagues, put Greece at risk, while assisted hardliners that were advocating Grexit.
This retelling of events has been met with anger along with stunned disbelief among certain groups, while the former minister has so far kept a deafening silence on the matter.
