Within his newly released personal account, called Ithaki, the ex- premier Alexis Tsipras pulls no punches while he reflects on that chaotic era of Greece's debt drama.
An Unconventional Choice
According to the ex-PM's version, he appointed the unorthodox economist Yanis Varoufakis as the treasury head largely due to his global profile along with Varoufakis's “extremely attractive” skills as a speaker.
“In reality, he was, truthfully, more of a celebrity rather than an economic expert,” wrote the 51-year-old.
Clashing Priorities
Tsipras suggests how Varoufakis possessed his own agenda that included promoting his publications as well as testing out his theories using the nation rather than truly fighting for its financial survival.
He noted that the talks to prevent insolvency became “not just a way to secure improved terms for the country. They were an experiment, an historic opportunity to prove the truth of Varoufakis's theories.”
High-Stakes Negotiations
During volatile negotiations, the country came perilously on the brink of exiting the eurozone.
On the line lay not only the country's destiny and those harsh austerity policies required in return for rescue loans by foreign lenders.
Unsuccessful Alternatives
Attempts to find financing from other sources, such as a desperate plea to the Kremlin to purchase Greek government bonds, were rejected.
Helping the indebted country was tantamount to tossing cash into the garbage, the Russian leader reportedly told his Greek counterpart in Moscow.
Public Vote and Reversal
That summer, the excoriating conditions were put to a public vote, an action which threw Europe into further existential crisis.
Even though the vote was won decisively by voters against austerity, the prime minister was forced but to ignore the result and negotiate a bailout package from creditors which proved to be more severe.
Final Straw
The ex-PM claimed how he began to doubt Varoufakis relatively soon.
“He was the face of the talks, the figure who drew media attention, who graced the covers of publications the world over … it seemed he relished the spotlight.”
When Varoufakis outlined a contingency plan involving creating a parallel currency and issuing coupons to pensioners, the leader said he realised that it was the end and asked Varoufakis: “Can you be serious?”
Enduring Criticism
In the memoir, Tsipras concludes that his former ally demonstrated himself to be “unfit for a deal demanding intricate and delicate management.”
Tsipras also wrote how his confrontational style made him increasingly isolated among peers, put Greece at risk, while helped hardliners that were advocating Grexit.
The account of events has provoked fury and shock among certain groups, whereas the former minister has kept a deafening silence on the matter.
