In a newly released autobiography, called Ithaki, the ex- premier Alexis Tsipras pulls no punches while he revisits that chaotic era during Greece's debt drama.
An Unconventional Appointment
In the ex-PM's recollections, Tsipras selected that unorthodox economist Yanis Varoufakis as his finance minister mainly due to the latter's worldwide fame along with his very persuasive skills when it came to speaker.
“He was, truthfully, more of a personality rather than an economist,” stated Tsipras.
Conflicting Priorities
The former leader suggests how his finance chief possessed a personal agenda that included advancing Varoufakis's publications as well as experimenting with his own economic models on the nation instead of genuinely advocating its economic stability.
Tsipras wrote that the discussions to prevent insolvency were “not only a method to secure improved terms for Greece. They were a test, a monumental chance to prove the validity of Varoufakis's theories.”
High-Stakes Negotiations
Amid rollercoaster discussions, Greece came dangerously on the brink of leaving the eurozone.
At stake lay both the country's future but also the harsh austerity policies required in exchange for financial aid by international creditors.
Unsuccessful Alternatives
Efforts to secure funds elsewhere, including a desperate plea to Russia to buy Greek government bonds, were rejected.
Assisting Greece would be equivalent to tossing cash in the trash-can, the Russian leader reportedly informed Tsipras during their meeting.
Referendum and U-Turn
In July 2015, the excoriating conditions were put to a public vote, a move that plunged Europe into a deeper existential crisis.
Although the referendum was won resoundingly by those who opposed the cuts, the prime minister had little option but to ignore the result then negotiate a rescue deal from foreign lenders that turned out to be tougher.
Final Straw
The ex-PM claimed how he started questioning Varoufakis quite early on.
“Varoufakis was the face of the talks, the figure who drew publicity, who appeared on the covers of publications globally … it seemed he was enjoying the spotlight.”
When Varoufakis outlined a backup strategy that included creating a secondary currency and issuing vouchers to pensioners, Tsipras knew that it was the end and asked Varoufakis: “Are you serious?”
Lasting Criticism
Within the book, the author concludes that his former ally demonstrated himself to be “unfit for an agreement that required intricate and delicate handling.”
He also claimed that his aggressive style left him more and more alone with colleagues, put Greece at risk, while assisted hardliners that were pushing for Grexit.
The account of events has provoked anger and stunned disbelief among certain groups, while the former minister has kept a deafening silence on the matter.
