In a newly released autobiography, titled Ithaki, the former premier Alexis Tsipras pulls no punches while he reflects on the chaotic period of Greece's debt drama.
An Unconventional Choice
As per the ex-PM's account, Tsipras chose the unorthodox economist Yanis Varoufakis to be the finance minister largely because of his worldwide fame along with his highly compelling skills when it came to public orator.
“In reality, he was, truthfully, more of a personality rather than an economic expert,” wrote Tsipras.
Clashing Priorities
The former leader suggests that his finance chief had his own motives that involved promoting his publications as well as experimenting with his game theories using the nation instead of truly advocating its economic stability.
He noted how those discussions to avoid insolvency were “not only a way to secure a better deal for Greece. They were a test, a monumental opportunity to demonstrate the validity of his ideas.”
Critical Negotiations
During volatile negotiations, Greece found itself dangerously on the brink of exiting the single currency area.
At stake lay not only the country's destiny and those severe austerity policies required in return for bailout funds by foreign lenders.
Unsuccessful Options
Efforts to find financing from other sources, including an urgent appeal to the Kremlin to buy Greek government bonds, fell on stony ground.
Helping Greece was tantamount to throwing money into the garbage, the Russian leader reportedly informed Tsipras in Moscow.
Referendum and Reversal
That summer, the harsh conditions were subjected to a popular referendum, an action which plunged the EU into a deeper crisis of identity.
Even though the referendum was carried resoundingly by voters against the cuts, Tsipras had little option to reject its outcome and negotiate a rescue deal from foreign lenders which turned out to be even harsher.
Breaking Point
Tsipras claimed that he started questioning Varoufakis quite early on.
“He was the public image of negotiation, the figure who drew media attention, who appeared on the front pages of magazines the world over … he gave the impression he was enjoying the spotlight.”
After the minister proposed a contingency plan that included establishing a secondary currency as well as issuing coupons to retirees, the leader said he realised that it was game over and asked Varoufakis: “Can you be serious?”
Enduring Rebuke
In the book, Tsipras asserts that Varoufakis demonstrated himself “unfit for an agreement that required intricate and delicate management.”
Tsipras also wrote how his confrontational approach made him increasingly isolated among peers, endangered the country, while helped hardliners that were pushing for a Greek exit from the euro.
The retelling of events has provoked fury and shock in some quarters, while the former minister has maintained a conspicuous quiet on the matter.
