Within his newly released personal account, named Ithaki, the ex- leader Alexis Tsipras does not hold back while he revisits the chaotic period of Greece's debt drama.
An Unconventional Appointment
In the ex-PM's account, he selected the unorthodox academic Yanis Varoufakis to be his finance minister primarily due to the latter's worldwide fame along with Varoufakis's highly compelling abilities as a speaker.
“In reality, he was, truthfully, more like a celebrity rather than an economic expert,” wrote the 51-year-old.
Conflicting Priorities
Tsipras suggests how his finance chief had his own motives that involved promoting Varoufakis's books and experimenting with his own economic models on the nation rather than genuinely advocating its economic stability.
He wrote that those negotiations to avoid insolvency became “not just a method of achieving improved terms for Greece. They were a test, a monumental opportunity to demonstrate the validity of his ideas.”
High-Stakes Negotiations
Amid rollercoaster discussions, the country found itself perilously close to leaving the eurozone.
At stake was not only the country's future and the severe cutbacks required in return for bailout funds by international creditors.
Unsuccessful Options
Efforts to find funds from other sources, including a desperate appeal to Russia to buy Greek bonds, fell on stony ground.
Assisting the indebted country was equivalent to throwing money in the trash-can, the Russian leader is reputed to have told Tsipras in Moscow.
Referendum Followed by U-Turn
In July 2015, those punitive bailout terms were put to a popular referendum, an action which plunged Europe into a deeper crisis of identity.
Although the referendum was won decisively by those against the cuts, Tsipras had little option but to ignore the result and agree to a bailout package from creditors which turned out to be tougher.
Breaking Point
The ex-PM claimed how he started questioning his finance minister quite early on.
“Varoufakis was the public image of the talks, the man who drew publicity, who appeared on the covers of magazines globally … it seemed he relished his new role.”
When Varoufakis outlined a contingency plan involving creating a parallel currency and distributing coupons to retirees, the leader knew it was the end questioning him: “Is this for real?”
Enduring Criticism
Within the memoir, Tsipras asserts that Varoufakis demonstrated himself “unsuitable for a deal demanding intricate and delicate handling.”
He further claimed how his confrontational approach made him more and more alone with colleagues, put Greece at risk, and assisted hawks who were advocating Grexit.
This retelling of history has provoked fury and stunned disbelief among certain groups, while Varoufakis has so far kept a conspicuous quiet regarding these claims.
