Within his newly released memoir, named Ithaki, the former prime minister Alexis Tsipras pulls no punches while he reflects on the turbulent era during Greece's debt drama.
A Controversial Choice
According to Tsipras's recollections, Tsipras selected that maverick academic Yanis Varoufakis to be the finance minister largely due to his global profile and his very persuasive skills when it came to communicator.
“In reality, he was, actually, more like a personality rather than an economist,” stated the 51-year-old.
Conflicting Agendas
The former leader claims that Varoufakis possessed a personal agenda that involved advancing Varoufakis's publications as well as testing out his own economic models using the nation instead of genuinely fighting for the country's financial survival.
Tsipras noted how those negotiations to prevent bankruptcy became “not only a method to secure improved terms for the country. They were an experiment, a monumental opportunity to demonstrate the truth of his economic theories.”
High-Stakes Talks
During rollercoaster negotiations, the country came perilously close to exiting the single currency area.
At stake was not only the country's destiny but also the severe cutbacks required in return for rescue loans by international creditors.
Unsuccessful Options
Attempts to secure financing elsewhere, including an urgent appeal to Russia to purchase Greek government bonds, went unanswered.
Helping the indebted country was equivalent to throwing money in the trash-can, the Russian leader is reputed to have informed his Greek counterpart during their meeting.
Referendum and Reversal
That summer, the punitive conditions were put to a popular referendum, a move which threw the EU into deeper existential crisis.
Although the referendum was carried decisively by those who opposed the cuts, Tsipras had little option to ignore the result and agree to a rescue deal with creditors which turned out to be more severe.
Final Straw
The ex-PM claimed how he began to doubt his finance minister relatively soon.
“Varoufakis was the face of negotiation, the figure who drew media attention, who appeared on the covers of magazines globally … he gave the impression he was enjoying his new role.”
When the minister proposed a backup strategy involving creating a parallel currency as well as issuing vouchers to pensioners, the leader knew that it was game over questioning Varoufakis: “Are you serious?”
Enduring Criticism
In the book, the author asserts how Varoufakis demonstrated himself “unfit for an agreement that required intricate and sensitive management.”
Tsipras also claimed that his confrontational style made him increasingly isolated with colleagues, endangered the country, and assisted hardliners that were pushing for a Greek exit from the euro.
This retelling of history has been met with anger and stunned disbelief among certain groups, while the former minister has so far kept a conspicuous quiet regarding these claims.
