Within his newly released memoir, titled Ithaki, the ex- leader Alexis Tsipras does not hold back while he reflects on that turbulent period of Greece's debt drama.
An Unconventional Appointment
As per the ex-PM's recollections, he selected the unorthodox academic Yanis Varoufakis to be his finance minister largely due to his global profile and his very persuasive skills as a communicator.
“He was, actually, more like a personality and less of an economist,” stated Tsipras.
Conflicting Priorities
The former leader suggests that his finance chief possessed a personal agenda that involved promoting Varoufakis's publications as well as testing out his own game theories on the nation rather than truly advocating the country's financial survival.
He explained that the talks to prevent insolvency were “not just a way to secure a better deal for Greece. They were an experiment, a monumental chance to demonstrate the truth of Varoufakis's theories.”
High-Stakes Talks
During rollercoaster discussions, Greece came perilously close to leaving the single currency area.
On the line lay both the country's future but also those harsh austerity policies required in exchange for financial aid from international creditors.
Unsuccessful Options
Attempts to secure funds elsewhere, such as a desperate plea to the Kremlin to buy Greek bonds, were rejected.
Assisting the indebted country would be tantamount to throwing money in the trash-can, Putin reportedly told Tsipras during their meeting.
Public Vote Followed by Reversal
In July 2015, those excoriating conditions were put to a popular referendum, an action that plunged Europe into a further existential crisis.
Even though the referendum was won resoundingly by voters against the cuts, Tsipras was forced but to reject its outcome and agree to a bailout package with creditors that turned out to be even harsher.
Breaking Point
Tsipras revealed that he started questioning his finance minister relatively soon.
“Varoufakis was the face of negotiation, the figure who attracted publicity, who graced the front pages of publications the world over … it seemed he relished his new role.”
When Varoufakis outlined a backup strategy involving establishing a parallel currency and distributing coupons to retirees, Tsipras knew it was game over questioning Varoufakis: “Can you be serious?”
Enduring Rebuke
In the memoir, Tsipras asserts that Varoufakis demonstrated himself “unfit for an agreement that required complex and sensitive management.”
Tsipras further wrote that his confrontational approach made him more and more alone among peers, put Greece at risk, and assisted hawks that were advocating Grexit.
The retelling of events 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.
