In a recently unveiled autobiography, titled Ithaki, the former prime minister Alexis Tsipras does not hold back as he reflects on the turbulent era during Greece's financial crisis.
A Controversial Appointment
In Tsipras's account, Tsipras appointed that unorthodox economist Yanis Varoufakis to be his finance minister primarily due to his worldwide fame along with Varoufakis's very persuasive skills as a public orator.
“In reality, he was, actually, more of a personality and less of an economist,” recalled the 51-year-old.
Clashing Agendas
Tsipras suggests how his finance chief had his own motives which involved promoting his books and experimenting with his economic models on Greece rather than genuinely advocating its financial survival.
He wrote how the discussions to stave off insolvency became “not only a way of achieving improved terms for the country. They were a test, an historic chance to prove the truth of Varoufakis's ideas.”
High-Stakes Talks
During tense negotiations, the country found itself perilously close to leaving the single currency area.
At stake lay not only Greece's future and those harsh austerity policies demanded in exchange for rescue loans from foreign lenders.
Unsuccessful Alternatives
Efforts to find funds elsewhere, such as a desperate appeal to Russia to buy Greek government bonds, fell on stony ground.
Helping the indebted country would be equivalent to throwing money into the garbage, Putin reportedly told his Greek counterpart during their meeting.
Referendum and Reversal
That summer, those harsh bailout terms were subjected to a public vote, a move that threw Europe into deeper crisis of identity.
Even though the referendum was carried resoundingly by voters who opposed austerity, Tsipras was forced to ignore the result then agree to a rescue deal with foreign lenders which proved to be even harsher.
Breaking Point
The ex-PM revealed how he began to doubt Varoufakis relatively soon.
“Varoufakis was the public image of negotiation, the figure who attracted publicity, who graced the front pages of magazines the world over … he gave the impression he relished the spotlight.”
After Varoufakis proposed a backup strategy involving creating a parallel currency as well as distributing vouchers to pensioners, the leader said he realised it was game over questioning Varoufakis: “Can you be serious?”
Enduring Rebuke
Within the memoir, the author concludes how his former ally demonstrated himself “unfit for an agreement that required intricate and delicate management.”
He also claimed that his confrontational approach made him increasingly isolated with colleagues, put Greece at risk, and helped hawks who were advocating Grexit.
This retelling of history has provoked fury and shock among certain groups, whereas the former minister has kept a conspicuous quiet regarding these claims.
