Within his newly released memoir, titled Ithaki, the former premier Alexis Tsipras pulls no punches as he revisits the turbulent era of Greece's debt drama.
An Unconventional Choice
According to Tsipras's account, he chose that unorthodox academic Yanis Varoufakis as the treasury head largely due to his global profile and Varoufakis's “extremely attractive” skills as a public orator.
“He was, truthfully, more like a celebrity and less of an economist,” recalled Tsipras.
Clashing Agendas
The former leader alleges that Varoufakis possessed his own agenda which included advancing his books as well as testing out his own economic models using Greece instead of genuinely advocating its economic stability.
Tsipras noted how those talks to stave off bankruptcy became “not only a way of achieving a better deal for Greece. They became an experiment, a monumental opportunity to prove the validity of Varoufakis's economic theories.”
High-Stakes Talks
Amid rollercoaster discussions, the country came dangerously close to leaving the eurozone.
At stake lay both Greece's future and those severe austerity policies demanded in return for rescue loans from international creditors.
Unsuccessful Alternatives
Efforts to secure funds from other sources, such as a desperate plea to the Kremlin to purchase Greek government bonds, fell on stony ground.
Helping the indebted country would be tantamount to throwing money into the garbage, Putin is reputed to have told his Greek counterpart in Moscow.
Public Vote and U-Turn
In July 2015, those punitive bailout terms were subjected to a popular referendum, an action which plunged the EU into a deeper existential crisis.
Even though the vote was won resoundingly by voters who opposed the cuts, the prime minister was forced but to ignore the result then agree to a rescue deal from creditors that turned out to be more severe.
Breaking Point
Tsipras revealed how he started questioning Varoufakis relatively soon.
“Varoufakis was the face of negotiation, the man who drew media attention, who graced the covers of magazines globally … it seemed he relished the spotlight.”
After the minister outlined a backup strategy involving establishing a parallel currency as well as distributing vouchers to pensioners, Tsipras knew that it was game over and asked him: “Are you serious?”
Enduring Rebuke
Within the memoir, Tsipras asserts that Varoufakis had proved himself “unsuitable for a deal that required intricate and sensitive handling.”
Tsipras also claimed how his confrontational style left him increasingly isolated among peers, endangered the country, and helped hawks that were pushing for a Greek exit from the euro.
The account of history has been met with anger and stunned disbelief among certain groups, whereas the former minister has so far kept a deafening silence regarding these claims.
