Within his newly released autobiography, called Ithaki, the ex- premier Alexis Tsipras pulls no punches as he reflects on the chaotic era during Greece's debt drama.
An Unconventional Appointment
In Tsipras's recollections, he selected that unorthodox economist Yanis Varoufakis to be his finance minister primarily due to the latter's international reputation along with his very persuasive abilities when it came to speaker.
“He was, in reality, more of a star rather than an economist,” stated Tsipras.
Conflicting Priorities
The former leader claims how his finance chief possessed his own motives that involved advancing Varoufakis's publications and testing out his own economic models using Greece rather than truly advocating its financial survival.
He explained how the talks to avoid insolvency were “not just a way of achieving a better deal for Greece. They became an experiment, an historic opportunity to demonstrate the truth of Varoufakis's economic theories.”
High-Stakes Talks
During rollercoaster negotiations, Greece found itself dangerously on the brink of exiting the eurozone.
At stake lay not only Greece's destiny but also the severe cutbacks demanded in return for bailout funds from foreign lenders.
Failed Alternatives
Efforts to secure financing elsewhere, such as a desperate appeal to the Kremlin to purchase Greek bonds, fell on stony ground.
Assisting the indebted country would be tantamount to throwing money into the garbage, Putin reportedly told Tsipras in Moscow.
Referendum Followed by U-Turn
In July 2015, those excoriating conditions were subjected to a popular referendum, an action which plunged the EU into deeper crisis of identity.
Although the referendum was carried resoundingly by those who opposed austerity, Tsipras had little option but to reject its outcome then agree to a rescue deal from foreign lenders that proved to be even harsher.
Breaking Point
Tsipras claimed how he began to doubt Varoufakis relatively soon.
“He was the public image of negotiation, the man who attracted publicity, who appeared on the front pages of publications globally … he gave the impression he was enjoying the spotlight.”
When Varoufakis outlined a backup strategy that included establishing a secondary currency and issuing vouchers to pensioners, the leader knew that it was the end questioning Varoufakis: “Are you serious?”
Enduring Criticism
In the memoir, Tsipras asserts how Varoufakis had proved himself “unfit for an agreement that required intricate and delicate management.”
Tsipras also claimed how Varoufakis's confrontational approach made him increasingly isolated with colleagues, endangered the country, and helped hawks who were advocating Grexit.
The account of history has provoked fury and stunned disbelief in some quarters, whereas the former minister has so far maintained a conspicuous quiet regarding these claims.
