Within his freshly published memoir, named Ithaki, the former prime minister Alexis Tsipras does not hold back while he revisits that turbulent period during Greece's financial crisis.
A Controversial Appointment
In the ex-PM's version, Tsipras chose the unorthodox economist Yanis Varoufakis to be the treasury head primarily because of his worldwide fame along with his very persuasive abilities when it came to speaker.
“In reality, he was, actually, more of a star rather than an economic expert,” wrote Tsipras.
Conflicting Priorities
The former leader alleges how his finance chief had a personal motives that involved advancing his publications as well as testing out his game theories using the nation instead of truly advocating its financial survival.
Tsipras wrote that the talks to stave off insolvency were “not just a method of achieving improved terms for Greece. They were a test, a monumental opportunity to demonstrate the truth of his ideas.”
High-Stakes Negotiations
During volatile discussions, the country found itself perilously on the brink of exiting the eurozone.
On the line lay not only Greece's destiny but also those severe cutbacks demanded in exchange for bailout funds by international creditors.
Unsuccessful Alternatives
Attempts to secure financing from other sources, including a desperate plea to Russia to buy Greek bonds, were rejected.
Assisting the indebted country was equivalent to throwing money into the garbage, Putin is reputed to have told his Greek counterpart during their meeting.
Referendum Followed by Reversal
That summer, the excoriating bailout terms were put to a popular referendum, a move that plunged Europe into further existential crisis.
Even though the referendum was carried decisively by voters who opposed the cuts, the prime minister had little option to reject its outcome then negotiate a bailout package from creditors that turned out to be tougher.
Breaking Point
Tsipras revealed how he began to doubt Varoufakis relatively soon.
“He was the face of negotiation, the man who attracted publicity, who appeared on the front pages of publications the world over … it seemed he was enjoying his new role.”
When the minister proposed a backup strategy involving establishing a secondary currency and issuing vouchers to retirees, the leader said he realised that it was the end and asked him: “Can you be serious?”
Enduring Criticism
In the book, the author asserts how his former ally demonstrated himself to be “unfit for an agreement that required intricate and sensitive handling.”
He also claimed how his confrontational approach made him increasingly isolated with colleagues, put Greece at risk, while assisted hawks who were pushing for Grexit.
This retelling of history has been met with fury and shock in some quarters, while Varoufakis has so far kept a conspicuous quiet on the matter.
