Within his newly released personal account, titled Ithaki, the former prime minister Alexis Tsipras does not hold back as he revisits that chaotic era of Greece's financial crisis.
A Controversial Choice
According to the ex-PM's recollections, Tsipras selected that unorthodox economist Yanis Varoufakis as the finance minister largely because of the latter's worldwide fame along with Varoufakis's “extremely attractive” abilities as a public orator.
“He was, in reality, more like a celebrity and less of an economic expert,” recalled Tsipras.
Conflicting Agendas
The former leader suggests that his finance chief had his own agenda that involved promoting his books as well as testing out his game theories on the nation instead of truly advocating the country's economic stability.
Tsipras wrote that the discussions to stave off bankruptcy became “not only a way of achieving improved terms for the country. They were an experiment, a monumental chance to prove the truth of Varoufakis's economic theories.”
High-Stakes Talks
Amid rollercoaster discussions, the country came dangerously on the brink of exiting the eurozone.
On the line was not only the country's destiny but also those punishing austerity measures required in return for bailout funds from foreign lenders.
Failed Alternatives
Attempts to secure financing elsewhere, including an urgent appeal to the Kremlin to purchase Greek bonds, went unanswered.
Helping Greece would be equivalent to throwing money in the trash-can, the Russian leader is reputed to have told his Greek counterpart during their meeting.
Referendum Followed by U-Turn
That summer, the harsh bailout terms were put to a popular referendum, a move that threw Europe into deeper crisis of identity.
Even though the referendum was won resoundingly by those who opposed the cuts, Tsipras was forced to reject its outcome then negotiate a bailout package from foreign lenders which turned out to be more severe.
Final Straw
Tsipras revealed that he started questioning his finance minister quite early on.
“He was the face of the talks, the man who drew media attention, who appeared on the front pages of publications the world over … he gave the impression he relished the spotlight.”
When the minister outlined a backup strategy involving establishing a secondary currency as well as distributing coupons to retirees, Tsipras said he realised it was game over and asked Varoufakis: “Are you serious?”
Enduring Criticism
Within the memoir, the author concludes that Varoufakis demonstrated himself to be “unsuitable for an agreement demanding intricate and sensitive management.”
Tsipras also claimed that his aggressive style made him increasingly isolated with colleagues, put Greece at risk, and assisted hardliners that were pushing for a Greek exit from the euro.
This retelling of history has been met with anger and shock among certain groups, while the former minister has so far kept a conspicuous quiet on the matter.
