Within his freshly published memoir, named Ithaki, the ex- prime minister Alexis Tsipras does not hold back as he reflects on the turbulent period of Greece's economic turmoil.
A Controversial Choice
According to the ex-PM's account, Tsipras appointed the unorthodox economist Yanis Varoufakis to be the finance minister largely due to the latter's global profile and Varoufakis's very persuasive abilities when it came to communicator.
“In reality, he was, in reality, more of a celebrity and less of an economist,” recalled the 51-year-old.
Conflicting Agendas
Tsipras alleges that Varoufakis had his own motives that involved promoting his publications and testing out his game theories on the nation rather than genuinely advocating its economic stability.
He noted that the negotiations to avoid insolvency were “not just a method of achieving a better deal for the country. They became an experiment, a monumental opportunity to demonstrate the validity of Varoufakis's economic theories.”
High-Stakes Talks
During volatile negotiations, the country found itself perilously on the brink of exiting the single currency area.
On the line was both the country's destiny but also those harsh austerity measures demanded in return for financial aid from international creditors.
Unsuccessful Alternatives
Efforts to secure financing elsewhere, such as a desperate plea to the Kremlin to purchase Greek bonds, went unanswered.
Helping Greece would be tantamount to tossing cash into the garbage, the Russian leader is reputed to have informed his Greek counterpart during their meeting.
Referendum Followed by Reversal
That summer, the harsh conditions were put to a public vote, a move which plunged Europe into a deeper existential crisis.
Even though the vote was won decisively by those who opposed the cuts, Tsipras had little option but to reject its outcome and negotiate a bailout package from foreign lenders that proved to be more severe.
Breaking Point
Tsipras claimed how he started questioning his finance minister quite early on.
“He was the face of negotiation, the man who drew media attention, who appeared on the front pages of magazines the world over … it seemed he was enjoying the spotlight.”
When the minister proposed a backup strategy involving establishing a secondary currency as well as distributing vouchers to pensioners, Tsipras said he realised that it was game over and asked Varoufakis: “Can you be serious?”
Lasting Criticism
In the memoir, Tsipras asserts how his former ally had proved himself “unsuitable for a deal demanding intricate and delicate management.”
He also wrote that his aggressive style left him more and more alone among peers, endangered the country, while helped hawks that were pushing for Grexit.
The account of events has provoked fury along with stunned disbelief among certain groups, while the former minister has kept a deafening silence on the matter.
