Within his recently unveiled autobiography, titled Ithaki, the ex- premier Alexis Tsipras does not hold back as he examines that chaotic era during Greece's debt drama.
An Unconventional Appointment
According to the ex-PM's account, he appointed the maverick academic Yanis Varoufakis as his finance minister mainly because of the latter's global profile and Varoufakis's very persuasive abilities when it came to public orator.
“In reality, he was, in reality, more like a personality and less of an economist,” recalled Tsipras.
Conflicting Priorities
The former leader claims how his finance chief had a personal motives which included promoting his books as well as experimenting with his economic models on the nation rather than truly fighting for its financial survival.
Tsipras noted how the talks to stave off bankruptcy became “not only a way of achieving a better deal for the country. They became a test, an historic chance to prove the truth of his ideas.”
Critical Talks
Amid volatile negotiations, the country came dangerously on the brink of leaving the eurozone.
At stake was both the country's future but also those severe austerity policies required in exchange for bailout funds by foreign lenders.
Failed Alternatives
Efforts to secure funds elsewhere, including an urgent plea to Russia to purchase Greek government bonds, fell on stony ground.
Assisting Greece was tantamount to tossing cash into the garbage, the Russian leader reportedly told his Greek counterpart in Moscow.
Public Vote Followed by Reversal
In July 2015, those punitive bailout terms were subjected to a popular referendum, an action which threw the EU into deeper crisis of identity.
Even though the referendum was won resoundingly by those who opposed the cuts, the prime minister was forced to ignore the result and negotiate a rescue deal from creditors that turned out to be more severe.
Final Straw
Tsipras revealed how he began to doubt his finance minister quite early on.
“Varoufakis was the face of the talks, the figure who drew publicity, who appeared on the covers of magazines globally … it seemed he was enjoying the spotlight.”
After Varoufakis outlined a contingency plan that included establishing a secondary currency as well as issuing vouchers to pensioners, Tsipras knew it was game over questioning Varoufakis: “Is this for real?”
Lasting Rebuke
Within the book, Tsipras asserts that his former ally demonstrated himself “unfit for an agreement demanding complex and sensitive management.”
He also wrote that his aggressive style left him increasingly isolated with colleagues, endangered the country, and helped hawks that were pushing for Grexit.
This account of history has been met with anger along with shock among certain groups, whereas the former minister has kept a deafening silence on the matter.
