In a recently unveiled memoir, called Ithaki, the ex- leader Alexis Tsipras does not hold back as he examines that turbulent period of Greece's economic turmoil.
An Unconventional Appointment
In the ex-PM's account, he selected the maverick economist Yanis Varoufakis to be his finance minister mainly because of the latter's global profile and Varoufakis's “extremely attractive” abilities when it came to speaker.
“He was, actually, more of a personality and less of an economist,” stated Tsipras.
Clashing Agendas
The former leader suggests how his finance chief had his own agenda which included advancing Varoufakis's publications as well as testing out his own game theories using Greece instead of truly advocating its financial survival.
Tsipras noted how the talks to avoid bankruptcy were “not only a way of achieving a better deal for Greece. They were a test, an historic opportunity to prove the validity of Varoufakis's theories.”
Critical Talks
During rollercoaster discussions, Greece found itself dangerously close to exiting the single currency area.
At stake was both Greece's future and those severe cutbacks required in exchange for bailout funds by international creditors.
Failed Options
Efforts to find financing elsewhere, such as an urgent plea to Russia to buy Greek bonds, fell on stony ground.
Assisting Greece was equivalent to throwing money in the trash-can, Putin is reputed to have told Tsipras in Moscow.
Referendum Followed by Reversal
In July 2015, those punitive conditions were put to a public vote, a move that plunged Europe into a deeper existential crisis.
Although the vote was won decisively by voters who opposed the cuts, Tsipras was forced to ignore the result and negotiate a rescue deal with foreign lenders which turned out to be tougher.
Breaking Point
Tsipras claimed that he began to doubt Varoufakis relatively soon.
“He was the public image of the talks, the figure who drew publicity, who appeared on the covers of magazines globally … it seemed he was enjoying the spotlight.”
After the minister proposed a backup strategy that included establishing a parallel currency and distributing coupons to retirees, Tsipras said he realised it was game over and asked him: “Are you serious?”
Lasting Rebuke
Within the memoir, Tsipras concludes how his former ally demonstrated himself to be “unsuitable for a deal demanding complex and delicate management.”
He further claimed how his confrontational style made him more and more alone among peers, put Greece at risk, and helped hardliners who were advocating a Greek exit from the euro.
The account of events has been met with fury along with stunned disbelief among certain groups, while the former minister has maintained a conspicuous quiet on the matter.
