In a newly released autobiography, named Ithaki, the former premier Alexis Tsipras pulls no punches as he reflects on that chaotic era of Greece's economic turmoil.
An Unconventional Choice
According to the ex-PM's version, Tsipras chose the unorthodox economist Yanis Varoufakis as his treasury head mainly because of his global profile and Varoufakis's highly compelling skills as a public orator.
“In reality, he was, actually, more of a star rather than an economic expert,” recalled the 51-year-old.
Conflicting Agendas
The former leader claims how his finance chief possessed his own motives that included advancing Varoufakis's publications and experimenting with his economic models on the nation instead of truly advocating its economic stability.
He explained how those talks to stave off insolvency were “not just a way to secure a better deal for the country. They became a test, an historic opportunity to prove the truth of his theories.”
Critical Negotiations
During volatile negotiations, the country came perilously close to leaving the eurozone.
At stake was not only the country's future and those severe austerity measures required in return for financial aid by foreign lenders.
Failed Options
Attempts to secure funds elsewhere, such as an urgent appeal to Russia to buy Greek bonds, were rejected.
Helping the indebted country was equivalent to tossing cash in the trash-can, Putin reportedly told his Greek counterpart during their meeting.
Referendum and U-Turn
That summer, the punitive bailout terms were put to a public vote, a move that plunged Europe into a further existential crisis.
Even though the referendum was carried decisively by those against the cuts, the prime minister had little option to ignore the result then negotiate a bailout package from foreign lenders that proved to be even harsher.
Final Straw
The ex-PM claimed how he began to doubt Varoufakis relatively soon.
“He was the public image of the talks, the figure who attracted publicity, who graced the covers of magazines the world over … it seemed he relished his new role.”
When the minister outlined a backup strategy involving creating a parallel currency as well as distributing coupons to retirees, the leader said he realised that it was game over questioning him: “Is this for real?”
Lasting Criticism
Within the memoir, the author asserts how Varoufakis demonstrated himself “unfit for an agreement demanding complex and delicate handling.”
Tsipras also wrote how his confrontational approach left him increasingly isolated among peers, put Greece at risk, and assisted hardliners that were advocating Grexit.
The retelling of events has been met with anger and shock among certain groups, while the former minister has so far maintained a deafening silence on the matter.
