Within his freshly published memoir, titled Ithaki, the former premier Alexis Tsipras pulls no punches as he examines the chaotic period of Greece's economic turmoil.
A Controversial Appointment
In Tsipras's version, he selected that unorthodox academic Yanis Varoufakis as his treasury head primarily due to his international reputation along with Varoufakis's very persuasive skills when it came to public orator.
“In reality, he was, in reality, more of a celebrity and less of an economic expert,” stated Tsipras.
Clashing Priorities
The former leader alleges that his finance chief had a personal agenda which involved promoting his books and testing out his own economic models using Greece rather than truly fighting for its economic stability.
He explained how the talks to stave off insolvency became “not just a way to secure improved terms for the country. They became an experiment, a monumental chance to prove the truth of his ideas.”
High-Stakes Negotiations
Amid tense discussions, Greece came dangerously close to leaving the eurozone.
On the line lay both Greece's future but also the severe austerity policies demanded in return for rescue loans by foreign lenders.
Unsuccessful Options
Efforts to secure financing elsewhere, including an urgent appeal to the Kremlin to buy Greek government bonds, went unanswered.
Assisting the indebted country was equivalent to tossing cash into the garbage, Putin is reputed to have informed his Greek counterpart in Moscow.
Public Vote and Reversal
That summer, those excoriating conditions were subjected to a popular referendum, a move which threw the EU into deeper existential crisis.
Although the referendum was won decisively by voters against the cuts, the prime minister was forced but to reject its outcome then agree to a bailout package from foreign lenders that turned out to be more severe.
Final Straw
The ex-PM revealed that he started questioning his finance minister quite early on.
“He was the public image of the talks, the figure who drew publicity, who appeared on the covers of magazines the world over … he gave the impression he relished his new role.”
After the minister proposed a contingency plan that included creating a parallel currency and issuing coupons to pensioners, the leader knew that it was game over questioning him: “Are you serious?”
Enduring Criticism
Within the book, Tsipras concludes how his former ally had proved himself “unfit for a deal that required intricate and delicate handling.”
He also claimed how his confrontational style made him more and more alone with colleagues, endangered the country, while helped hardliners that were pushing for a Greek exit from the euro.
The account of events has been met with fury and shock among certain groups, whereas Varoufakis has maintained a conspicuous quiet on the matter.
