In a recently unveiled personal account, titled Ithaki, the former leader Alexis Tsipras does not hold back as he revisits the chaotic era during Greece's debt drama.
An Unconventional Appointment
In the ex-PM's account, he selected that maverick academic Yanis Varoufakis as the finance minister largely due to his global profile along with his very persuasive skills as a public orator.
“He was, in reality, more like a personality rather than an economist,” recalled Tsipras.
Conflicting Agendas
Tsipras suggests how Varoufakis possessed a personal agenda which included promoting his publications and experimenting with his own game theories on Greece rather than genuinely fighting for its financial survival.
He wrote that the discussions to prevent bankruptcy were “not only a way to secure improved terms for the country. They became a test, an historic opportunity to demonstrate the validity of his ideas.”
High-Stakes Negotiations
During rollercoaster negotiations, Greece came perilously on the brink of leaving the single currency area.
On the line was both Greece's future but also the severe cutbacks demanded in return for bailout funds by foreign lenders.
Unsuccessful Alternatives
Attempts to find financing elsewhere, such as a desperate appeal to Russia to purchase Greek government bonds, fell on stony ground.
Helping Greece was equivalent to throwing money into the garbage, Putin reportedly informed Tsipras during their meeting.
Referendum and Reversal
In July 2015, those excoriating bailout terms were subjected to a public vote, a move that threw Europe into a further existential crisis.
Although the referendum was carried decisively by those against the cuts, the prime minister was forced to ignore the result then negotiate a bailout package with foreign lenders which turned out to be tougher.
Final Straw
The ex-PM revealed that he began to doubt Varoufakis quite early on.
“He was the face of negotiation, the figure who drew media attention, who appeared on the front pages of publications globally … it seemed he was enjoying the spotlight.”
After the minister proposed a backup strategy that included creating a parallel currency as well as issuing coupons to retirees, the leader said he realised it was the end questioning him: “Can you be serious?”
Lasting Criticism
In the memoir, the author concludes how his former ally had proved himself “unsuitable for an agreement that required complex and sensitive management.”
Tsipras also wrote how his aggressive approach left him more and more alone among peers, put Greece at risk, and helped hawks that were pushing for Grexit.
This retelling of history has provoked fury along with shock among certain groups, whereas the former minister has kept a deafening silence on the matter.
