Within his newly released personal account, titled Ithaki, the former leader Alexis Tsipras does not hold back while he reflects on the turbulent era of Greece's debt drama.
A Controversial Choice
In Tsipras's account, Tsipras selected the unorthodox academic Yanis Varoufakis to be his finance minister mainly due to his worldwide fame along with his highly compelling skills when it came to communicator.
“He was, actually, more of a star rather than an economic expert,” stated the 51-year-old.
Clashing Agendas
The former leader suggests that Varoufakis had his own agenda that included promoting his publications as well as testing out his own theories on the nation rather than genuinely fighting for its economic stability.
He wrote that those negotiations to stave off bankruptcy became “not only a method of achieving improved terms for the country. They were a test, a monumental opportunity to prove the truth of his theories.”
Critical Negotiations
Amid rollercoaster negotiations, the country came dangerously close to exiting the single currency area.
At stake lay both the country's destiny and those harsh cutbacks required in return for rescue loans from foreign lenders.
Failed Alternatives
Attempts to secure financing elsewhere, such as a desperate appeal to Russia to purchase Greek government bonds, fell on stony ground.
Helping Greece would be tantamount to tossing cash into the garbage, Putin reportedly informed Tsipras in Moscow.
Referendum Followed by Reversal
In July 2015, those excoriating conditions were put to a popular referendum, a move that threw the EU into further existential crisis.
Although the vote was carried resoundingly by voters who opposed austerity, Tsipras had little option to ignore the result and agree to a rescue deal from foreign lenders that proved to be even harsher.
Breaking Point
The ex-PM claimed that he began to doubt Varoufakis relatively soon.
“Varoufakis was the face of negotiation, the man who drew publicity, who appeared on the covers of publications globally … it seemed he was enjoying his new role.”
After the minister proposed a contingency plan that included establishing a parallel currency and issuing coupons to pensioners, Tsipras knew it was game over and asked him: “Are you serious?”
Lasting Criticism
In the memoir, the author concludes that his former ally demonstrated himself “unfit for a deal that required intricate and sensitive handling.”
Tsipras further wrote that Varoufakis's aggressive approach left him more and more alone among peers, put Greece at risk, while helped hawks who were advocating Grexit.
The retelling of history has provoked anger along with stunned disbelief among certain groups, whereas Varoufakis has so far kept a conspicuous quiet regarding these claims.
