Within his newly released autobiography, titled Ithaki, the former leader Alexis Tsipras pulls no punches as he revisits the chaotic period during Greece's economic turmoil.
A Controversial Appointment
As per the ex-PM's account, Tsipras chose that maverick academic Yanis Varoufakis to be his finance minister largely due to the latter's worldwide fame and his highly compelling abilities as a public orator.
“In reality, he was, truthfully, more of a personality rather than an economist,” stated Tsipras.
Conflicting Agendas
The former leader suggests that Varoufakis had his own agenda that involved advancing Varoufakis's publications and experimenting with his own theories on Greece instead of genuinely fighting for the country's financial survival.
He noted how the discussions to prevent insolvency became “not just a way to secure a better deal for the country. They were a test, an historic chance to prove the validity of his economic theories.”
High-Stakes Negotiations
Amid rollercoaster discussions, the country found itself perilously close to exiting the single currency area.
On the line lay not only the country's destiny but also the punishing austerity policies demanded in return for rescue loans by foreign lenders.
Failed Options
Attempts to secure funds from other sources, such as a desperate plea to the Kremlin to purchase Greek bonds, went unanswered.
Assisting Greece would be tantamount to tossing cash into the garbage, Putin is reputed to have informed his Greek counterpart during their meeting.
Public Vote and Reversal
That summer, the harsh bailout terms were put to a popular referendum, a move which threw the EU into a further existential crisis.
Even though the vote was carried decisively by voters who opposed the cuts, the prime minister had little option to ignore the result then negotiate a bailout package with creditors which turned out to be more severe.
Final Straw
The ex-PM revealed that he started questioning Varoufakis quite early on.
“Varoufakis was the face of the talks, the man who attracted publicity, who appeared on the front pages of publications globally … it seemed he was enjoying his new role.”
After Varoufakis outlined a contingency plan involving creating a secondary currency as well as distributing coupons to retirees, Tsipras knew that it was game over questioning Varoufakis: “Is this for real?”
Enduring Criticism
Within the memoir, the author asserts that Varoufakis demonstrated himself to be “unfit for an agreement that required complex and sensitive handling.”
Tsipras also wrote that his confrontational style made him increasingly isolated with colleagues, put Greece at risk, while assisted hawks who were pushing for Grexit.
This retelling of history has provoked anger along with stunned disbelief in some quarters, whereas the former minister has kept a deafening silence on the matter.
