Within his freshly published memoir, titled Ithaki, the ex- prime minister Alexis Tsipras does not hold back as he reflects on the turbulent era during Greece's financial crisis.
An Unconventional Appointment
According to the ex-PM's account, Tsipras chose that maverick academic Yanis Varoufakis as his treasury head largely due to his international reputation and Varoufakis's “extremely attractive” skills as a speaker.
“He was, truthfully, more like a star and less of an economic expert,” recalled Tsipras.
Conflicting Agendas
Tsipras alleges that his finance chief possessed his own agenda which involved promoting his publications and testing out his economic models on Greece instead of truly fighting for its financial survival.
Tsipras wrote how the negotiations to avoid bankruptcy were “not just a method of achieving a better deal for Greece. They were a test, an historic chance to prove the validity of Varoufakis's ideas.”
Critical Talks
During tense discussions, Greece found itself perilously close to exiting the single currency area.
On the line lay both the country's destiny but also the punishing austerity policies required in exchange for bailout funds from foreign lenders.
Failed Options
Attempts to secure financing elsewhere, including an urgent appeal to the Kremlin to buy Greek bonds, went unanswered.
Assisting the indebted country would be tantamount to throwing money into the garbage, Putin reportedly informed his Greek counterpart during their meeting.
Public Vote Followed by U-Turn
In July 2015, those harsh conditions were put to a public vote, a move that plunged Europe into a deeper existential crisis.
Although the vote was won decisively by those who opposed austerity, Tsipras was forced but to reject its outcome then agree to a bailout package with creditors which proved to be more severe.
Breaking Point
The ex-PM claimed that he started questioning his finance minister quite early on.
“Varoufakis was the face of the talks, the man who attracted media attention, who graced the front pages of publications the world over … it seemed he was enjoying the spotlight.”
When Varoufakis outlined a contingency plan involving establishing a secondary currency as well as distributing vouchers to pensioners, Tsipras said he realised it was the end questioning him: “Is this for real?”
Enduring Rebuke
In the book, the author asserts how Varoufakis demonstrated himself to be “unsuitable for an agreement demanding complex and delicate handling.”
Tsipras also claimed how his confrontational approach made him more and more alone among peers, put Greece at risk, and assisted hawks that were pushing for Grexit.
This retelling of history has been met with fury and stunned disbelief in some quarters, whereas Varoufakis has kept a deafening silence on the matter.
