In a newly released autobiography, called Ithaki, the former leader Alexis Tsipras does not hold back as he reflects on that chaotic period during Greece's economic turmoil.
An Unconventional Choice
As per the ex-PM's account, Tsipras selected the maverick economist Yanis Varoufakis to be his finance minister largely due to the latter's global profile and Varoufakis's highly compelling abilities when it came to public orator.
“He was, in reality, more like a star rather than an economic expert,” recalled Tsipras.
Conflicting Priorities
The former leader alleges how Varoufakis had a personal agenda which included promoting Varoufakis's publications and testing out his game theories using the nation instead of genuinely fighting for its financial survival.
Tsipras explained that those talks to stave off bankruptcy were “not just a way to secure a better deal for Greece. They were an experiment, an historic chance to demonstrate the validity of Varoufakis's economic theories.”
Critical Talks
During volatile negotiations, Greece found itself dangerously on the brink of leaving the single currency area.
At stake was both Greece's future but also those harsh cutbacks required in exchange for rescue loans from foreign lenders.
Unsuccessful Alternatives
Efforts to secure financing from other sources, such as a desperate appeal to Russia to buy Greek bonds, were rejected.
Helping Greece was equivalent to tossing cash into the garbage, Putin reportedly informed his Greek counterpart during their meeting.
Public Vote Followed by Reversal
In July 2015, those punitive bailout terms were put to a popular referendum, an action that threw Europe into a deeper crisis of identity.
Although the vote was carried decisively by voters against the cuts, the prime minister was forced to ignore the result and negotiate a rescue deal from foreign lenders that turned out to be even harsher.
Final Straw
Tsipras revealed that he began to doubt Varoufakis relatively soon.
“Varoufakis was the face of negotiation, the figure who drew media attention, who appeared on the front pages of publications globally … he gave the impression he relished his new role.”
When Varoufakis proposed a contingency plan that included establishing a parallel currency as well as issuing vouchers to retirees, Tsipras knew that it was the end and asked him: “Is this for real?”
Lasting Criticism
Within the memoir, the author asserts that his former ally demonstrated himself to be “unsuitable for a deal that required intricate and delicate handling.”
Tsipras also wrote that his aggressive approach made him more and more alone with colleagues, endangered the country, and assisted hawks that were advocating a Greek exit from the euro.
The retelling of events has been met with anger and stunned disbelief in some quarters, while the former minister has so far maintained a deafening silence on the matter.
