Within his recently unveiled memoir, titled Ithaki, the former prime minister Alexis Tsipras spares no criticism while he revisits that turbulent period during Greece's debt drama.
A Controversial Choice
According to Tsipras's version, Tsipras chose the maverick economist Yanis Varoufakis as his finance minister mainly due to his international reputation along with Varoufakis's highly compelling abilities as a public orator.
“He was, truthfully, more of a star and less of an economic expert,” wrote Tsipras.
Conflicting Priorities
The former leader suggests how Varoufakis possessed a personal motives that included promoting Varoufakis's publications as well as testing out his theories using Greece rather than truly fighting for the country's economic stability.
He explained that the talks to stave off bankruptcy became “not just a way to secure a better deal for Greece. They were an experiment, an historic chance to demonstrate the validity of Varoufakis's ideas.”
High-Stakes Negotiations
During tense discussions, Greece found itself perilously on the brink of exiting the single currency area.
At stake lay not only Greece's destiny but also those punishing austerity measures required in exchange for bailout funds from international creditors.
Failed Alternatives
Attempts to find financing elsewhere, including a desperate appeal to the Kremlin to buy Greek bonds, fell on stony ground.
Assisting the indebted country was tantamount to throwing money in the trash-can, the Russian leader is reputed to have told Tsipras in Moscow.
Public Vote Followed by U-Turn
That summer, the excoriating bailout terms were put to a public vote, an action that plunged Europe into deeper existential crisis.
Although the vote was won resoundingly by those who opposed austerity, the prime minister had little option but to ignore the result then negotiate a bailout package from creditors that turned out to be tougher.
Final Straw
Tsipras revealed that he started questioning his finance minister relatively soon.
“He was the face of negotiation, the man who drew media attention, who graced the covers of publications the world over … he gave the impression he was enjoying the spotlight.”
When Varoufakis outlined a contingency plan that included establishing a secondary currency as well as issuing coupons to retirees, Tsipras knew that it was game over and asked him: “Is this for real?”
Lasting Rebuke
Within the memoir, the author concludes how his former ally demonstrated himself to be “unsuitable for an agreement that required complex and sensitive handling.”
He further wrote that his confrontational style left him more and more alone among peers, put Greece at risk, while helped hardliners that were advocating Grexit.
The retelling of history has been met with anger along with shock among certain groups, while the former minister has so far maintained a conspicuous quiet on the matter.
