In a newly released memoir, titled Ithaki, the former premier Alexis Tsipras does not hold back as he examines the chaotic period during Greece's financial crisis.
A Controversial Choice
In the ex-PM's account, he selected the unorthodox economist Yanis Varoufakis as his finance minister primarily due to the latter's global profile along with Varoufakis's “extremely attractive” skills as a speaker.
“In reality, he was, in reality, more like a star and less of an economic expert,” recalled Tsipras.
Clashing Priorities
The former leader suggests how Varoufakis possessed his own motives that included advancing his books and experimenting with his own economic models on Greece rather than genuinely fighting for the country's economic stability.
He explained how the talks to avoid bankruptcy were “not only a method to secure a better deal for Greece. They became an experiment, an historic opportunity to prove the validity of his economic theories.”
High-Stakes Negotiations
Amid tense discussions, Greece came dangerously close to exiting the single currency area.
On the line lay not only Greece's future and those severe austerity policies demanded in exchange for rescue loans by foreign lenders.
Failed Options
Attempts to secure funds elsewhere, including an urgent plea to the Kremlin to buy Greek government bonds, fell on stony ground.
Assisting Greece was tantamount to tossing cash into the garbage, the Russian leader is reputed to have informed Tsipras during their meeting.
Referendum and Reversal
In July 2015, those harsh bailout terms were put to a popular referendum, an action which plunged Europe into further crisis of identity.
Even though the vote was won decisively by those against the cuts, the prime minister was forced to reject its outcome and agree to a rescue deal from creditors which turned out to be even harsher.
Breaking Point
The ex-PM revealed how he began to doubt Varoufakis relatively soon.
“Varoufakis was the face of negotiation, the figure who drew publicity, who appeared on the covers of magazines globally … it seemed he was enjoying his new role.”
When the minister outlined a contingency plan involving creating a secondary currency as well as issuing vouchers to pensioners, the leader said he realised it was game over and asked him: “Is this for real?”
Lasting Criticism
In the book, the author concludes how his former ally demonstrated himself to be “unfit for a deal that required complex and sensitive handling.”
Tsipras also claimed how his confrontational style left him more and more alone with colleagues, endangered the country, while helped hardliners that were pushing for a Greek exit from the euro.
This retelling of history has been met with fury and stunned disbelief in some quarters, while the former minister has kept a conspicuous quiet on the matter.
