Within his freshly published memoir, called Ithaki, the ex- leader Alexis Tsipras pulls no punches as he examines that chaotic era of Greece's debt drama.
A Controversial Choice
In the ex-PM's version, Tsipras chose that unorthodox economist Yanis Varoufakis to be his treasury head primarily because of his international reputation and Varoufakis's “extremely attractive” skills when it came to communicator.
“In reality, he was, in reality, more like a celebrity and less of an economic expert,” wrote the 51-year-old.
Conflicting Agendas
Tsipras claims that Varoufakis possessed his own motives which included promoting his publications as well as experimenting with his own economic models on Greece rather than genuinely fighting for the country's economic stability.
Tsipras wrote that the talks to prevent bankruptcy became “not only a way of achieving a better deal for Greece. They were a test, an historic chance to prove the validity of his ideas.”
Critical Negotiations
During rollercoaster discussions, Greece came dangerously close to exiting the single currency area.
At stake lay not only the country's future but also those harsh cutbacks demanded in exchange for bailout funds from foreign lenders.
Failed Options
Efforts to find financing elsewhere, including an urgent plea to Russia to buy Greek bonds, went unanswered.
Assisting the indebted country was equivalent to throwing money in the trash-can, the Russian leader reportedly informed Tsipras in Moscow.
Referendum Followed by U-Turn
In July 2015, the punitive bailout terms were subjected to a public vote, a move which plunged the EU into further existential crisis.
Although the referendum was won resoundingly by those against the cuts, Tsipras had little option to ignore the result then agree to a bailout package with foreign lenders which turned out to be tougher.
Final Straw
Tsipras revealed how he started questioning his finance minister quite early on.
“Varoufakis was the face of negotiation, the man who attracted media attention, who appeared on the front pages of publications globally … he gave the impression he relished the spotlight.”
After Varoufakis outlined a contingency plan involving creating a secondary currency and distributing coupons to retirees, Tsipras knew that it was game over questioning Varoufakis: “Can you be serious?”
Lasting Rebuke
In the memoir, the author concludes that Varoufakis had proved himself “unsuitable for an agreement that required intricate and sensitive management.”
Tsipras also wrote how his aggressive approach left him more and more alone among peers, put Greece at risk, and helped hardliners that were advocating Grexit.
This account of events has provoked anger along with shock among certain groups, while the former minister has maintained a conspicuous quiet regarding these claims.
