In a freshly published memoir, named Ithaki, the former premier Alexis Tsipras pulls no punches while he examines that chaotic era of Greece's debt drama.
An Unconventional Choice
In the ex-PM's account, he appointed the unorthodox academic Yanis Varoufakis to be his treasury head primarily due to the latter's international reputation along with Varoufakis's “extremely attractive” abilities when it came to public orator.
“He was, actually, more of a personality and less of an economic expert,” wrote Tsipras.
Clashing Agendas
The former leader alleges how his finance chief possessed his own motives that involved advancing Varoufakis's publications as well as experimenting with his economic models on the nation instead of truly fighting for the country's economic stability.
Tsipras noted how those negotiations to avoid insolvency were “not only a way to secure a better deal for the country. They became an experiment, a monumental opportunity to prove the validity of Varoufakis's theories.”
Critical Negotiations
Amid tense discussions, the country came perilously on the brink of exiting the eurozone.
At stake was both the country's destiny and those severe cutbacks required in exchange for financial aid from foreign lenders.
Failed Options
Attempts to secure funds elsewhere, such as an urgent appeal to Russia to buy Greek government bonds, went unanswered.
Helping the indebted country would be equivalent to throwing money in the trash-can, the Russian leader is reputed to have told his Greek counterpart during their meeting.
Referendum and Reversal
That summer, those harsh conditions were subjected to a popular referendum, a move that plunged Europe into further crisis of identity.
Even though the vote was won decisively by those who opposed austerity, Tsipras was forced to reject its outcome then agree to a rescue deal from creditors which turned out to be even harsher.
Breaking Point
The ex-PM revealed that he started questioning Varoufakis relatively soon.
“He was the public image of negotiation, the figure who drew media attention, who graced the front pages of publications globally … it seemed he was enjoying his new role.”
After Varoufakis proposed a backup strategy involving creating a parallel currency and issuing vouchers to pensioners, Tsipras knew that it was the end questioning Varoufakis: “Can you be serious?”
Enduring Rebuke
In the memoir, Tsipras asserts how his former ally had proved himself to be “unsuitable for an agreement that required complex and sensitive handling.”
Tsipras also wrote that his aggressive style left him increasingly isolated among peers, endangered the country, and helped hardliners who were pushing for Grexit.
The account of history has provoked fury along with stunned disbelief in some quarters, while the former minister has maintained a conspicuous quiet on the matter.
