In a newly released memoir, called Ithaki, the former premier Alexis Tsipras pulls no punches as he revisits that turbulent era during Greece's economic turmoil.
A Controversial Choice
In the ex-PM's account, Tsipras chose the maverick academic Yanis Varoufakis as his treasury head largely due to the latter's worldwide fame along with his highly compelling skills as a communicator.
“In reality, he was, truthfully, more like a star rather than an economist,” stated the 51-year-old.
Clashing Priorities
Tsipras alleges how Varoufakis had a personal agenda which included promoting Varoufakis's books as well as testing out his economic models on the nation instead of truly advocating the country's financial survival.
Tsipras wrote that those discussions to stave off bankruptcy became “not only a way of achieving improved terms for the country. They became an experiment, a monumental chance to prove the truth of his economic theories.”
High-Stakes Talks
During rollercoaster negotiations, the country came perilously close to exiting the single currency area.
At stake was both the country's future but also the punishing austerity measures demanded in return for rescue loans by international creditors.
Unsuccessful Alternatives
Efforts to find funds from other sources, including an urgent plea to Russia to purchase Greek bonds, were rejected.
Assisting the indebted country would be tantamount to throwing money into the garbage, the Russian leader is reputed to have informed his Greek counterpart during their meeting.
Public Vote Followed by U-Turn
In July 2015, those excoriating conditions were put to a public vote, a move that plunged Europe into deeper existential crisis.
Even though the vote was won resoundingly by those against the cuts, Tsipras was forced to reject its outcome then agree to a bailout package with foreign lenders that proved to be tougher.
Breaking Point
The ex-PM revealed that he began to doubt his finance minister quite early on.
“He was the face of the talks, the man who attracted media attention, who graced the front pages of magazines the world over … it seemed he relished his new role.”
After Varoufakis outlined a backup strategy that included creating a secondary currency and issuing vouchers to retirees, Tsipras knew that it was game over questioning him: “Can you be serious?”
Lasting Rebuke
Within the book, Tsipras concludes that his former ally demonstrated himself “unfit for an agreement that required complex and sensitive handling.”
Tsipras further wrote that his aggressive style made him more and more alone among peers, put Greece at risk, while assisted hawks that were advocating Grexit.
The account of history has provoked anger and shock among certain groups, while the former minister has maintained a conspicuous quiet regarding these claims.
