Within his newly released memoir, called Ithaki, the former premier Alexis Tsipras pulls no punches as he examines that chaotic era during Greece's economic turmoil.
An Unconventional Choice
As per the ex-PM's version, Tsipras chose that maverick economist Yanis Varoufakis to be the finance minister mainly because of the latter's global profile and Varoufakis's “extremely attractive” abilities as a speaker.
“In reality, he was, actually, more of a celebrity rather than an economist,” wrote the 51-year-old.
Conflicting Agendas
The former leader claims how Varoufakis possessed his own agenda that involved promoting Varoufakis's publications as well as testing out his economic models using Greece instead of genuinely advocating its financial survival.
He explained that the talks to avoid bankruptcy were “not only a way to secure improved terms for Greece. They became a test, an historic opportunity to prove the validity of his economic theories.”
High-Stakes Talks
During rollercoaster negotiations, the country found itself perilously on the brink of exiting the eurozone.
At stake lay not only the country's future but also those severe austerity policies required in exchange for rescue loans by international creditors.
Failed Alternatives
Attempts to secure financing elsewhere, such as a desperate appeal to the Kremlin to buy Greek government bonds, were rejected.
Helping the indebted country would be equivalent to tossing cash in the trash-can, Putin reportedly told Tsipras in Moscow.
Public Vote and U-Turn
That summer, the excoriating conditions were put to a popular referendum, a move which plunged the EU into a further crisis of identity.
Even though the referendum was carried decisively by voters who opposed the cuts, the prime minister had little option but to reject its outcome then agree to a bailout package from foreign lenders which proved to be more severe.
Breaking Point
The ex-PM claimed that he started questioning Varoufakis relatively soon.
“He was the face of negotiation, the figure who attracted media attention, who appeared on the front pages of publications globally … it seemed he was enjoying his new role.”
When Varoufakis proposed a contingency plan involving establishing a secondary currency as well as issuing vouchers to pensioners, Tsipras said he realised that it was game over questioning him: “Are you serious?”
Lasting Rebuke
Within the book, the author asserts how his former ally had proved himself to be “unsuitable for an agreement that required intricate and sensitive handling.”
Tsipras further wrote that his aggressive approach left him more and more alone with colleagues, endangered the country, while helped hardliners that were advocating Grexit.
The account of events has been met with fury and stunned disbelief among certain groups, whereas Varoufakis has so far kept a deafening silence on the matter.
