In a recently unveiled personal account, named Ithaki, the ex- prime minister Tsipras pulls no punches as he reflects on that chaotic period during Greece's debt drama.
An Unconventional Choice
According to the ex-PM's account, he appointed that unorthodox economist Yanis Varoufakis to be his treasury head mainly due to the latter's global profile and his “extremely attractive” skills as a communicator.
“He was, truthfully, more like a celebrity and less of an economist,” stated Tsipras.
Clashing Agendas
The former leader suggests that his finance chief had his own motives which included advancing Varoufakis's publications and testing out his economic models on Greece instead of truly fighting for its financial survival.
He wrote how the discussions to prevent insolvency were “not just a method of achieving a better deal for Greece. They were a test, a monumental chance to demonstrate the truth of his ideas.”
Critical Talks
During rollercoaster negotiations, the country found itself dangerously close to exiting the eurozone.
On the line was both the country's future but also those severe austerity measures demanded in exchange for financial aid from foreign lenders.
Failed Alternatives
Attempts to secure financing from other sources, including a desperate appeal to the Kremlin to purchase Greek bonds, were rejected.
Helping the indebted country would be equivalent to throwing money in the trash-can, the Russian leader reportedly informed his Greek counterpart in Moscow.
Public Vote Followed by Reversal
In July 2015, the punitive conditions were subjected to a public vote, a move that threw Europe into a further existential crisis.
Even though the referendum was won decisively by those who opposed the cuts, the prime minister was forced but to ignore the result and agree to a rescue deal with creditors which turned out to be even harsher.
Breaking Point
Tsipras revealed that he began to doubt his finance minister quite early on.
“He was the public image of the talks, the figure who attracted media attention, who graced the covers of magazines the world over … it seemed he was enjoying the spotlight.”
When the minister outlined a contingency plan involving creating a secondary currency and issuing coupons to retirees, the leader knew that it was the end and asked him: “Are you serious?”
Enduring Criticism
Within the memoir, the author asserts how his former ally demonstrated himself to be “unfit for an agreement that required complex and delicate management.”
He also claimed how his aggressive approach left him increasingly isolated among peers, endangered the country, while helped hawks who were advocating a Greek exit from the euro.
This retelling of events has been met with fury along with shock among certain groups, while Varoufakis has so far kept a deafening silence regarding these claims.
