In a newly released personal account, called Ithaki, the ex- premier Alexis Tsipras pulls no punches while he revisits the chaotic period during Greece's debt drama.
An Unconventional Appointment
In Tsipras's recollections, he appointed that unorthodox economist Yanis Varoufakis as his finance minister primarily due to the latter's global profile along with Varoufakis's “extremely attractive” skills when it came to public orator.
“He was, truthfully, more like a star rather than an economic expert,” wrote Tsipras.
Conflicting Priorities
Tsipras alleges that Varoufakis possessed his own motives which included advancing his publications and experimenting with his own theories using the nation instead of truly fighting for the country's economic stability.
Tsipras explained how the talks to prevent bankruptcy were “not just a way of achieving a better deal for Greece. They were an experiment, an historic opportunity to prove the validity of Varoufakis's economic theories.”
Critical Talks
Amid tense negotiations, Greece came perilously close to exiting the single currency area.
At stake was both Greece's future and the punishing austerity measures demanded in exchange for bailout funds by foreign lenders.
Unsuccessful Alternatives
Efforts to find funds from other sources, including a desperate plea to Russia to buy Greek bonds, were rejected.
Helping the indebted country was equivalent to tossing cash in the trash-can, Putin is reputed to have told his Greek counterpart during their meeting.
Public Vote and U-Turn
In July 2015, those punitive bailout terms were put to a popular referendum, a move that threw the EU into a further existential crisis.
Although the vote was carried resoundingly by voters against the cuts, the prime minister had little option to ignore the result then negotiate a bailout package from creditors that proved to be tougher.
Breaking Point
Tsipras claimed that he started questioning Varoufakis quite early on.
“Varoufakis was the face of negotiation, the figure who attracted media attention, who appeared on the covers of magazines globally … it seemed he was enjoying the spotlight.”
When Varoufakis outlined a contingency plan involving establishing a secondary currency as well as distributing coupons to retirees, Tsipras knew it was game over questioning Varoufakis: “Can you be serious?”
Lasting Rebuke
Within the book, Tsipras concludes how his former ally demonstrated himself “unsuitable for a deal demanding intricate and delicate management.”
He further claimed that his aggressive approach left him increasingly isolated with colleagues, endangered the country, while helped hawks who were pushing for Grexit.
This retelling of history has been met with fury and shock in some quarters, while the former minister has kept a deafening silence on the matter.
