In a recently unveiled autobiography, titled Ithaki, the ex- premier Alexis Tsipras pulls no punches as he examines that turbulent period during Greece's financial crisis.
An Unconventional Choice
As per the ex-PM's version, he chose the unorthodox economist Yanis Varoufakis to be the treasury head primarily due to the latter's worldwide fame along with Varoufakis's highly compelling skills when it came to speaker.
“In reality, he was, in reality, more like a celebrity and less of an economist,” recalled Tsipras.
Conflicting Priorities
The former leader alleges that Varoufakis had his own motives which involved promoting his publications and testing out his economic models on the nation rather than truly fighting for the country's financial survival.
He noted how those talks to stave off bankruptcy were “not only a way to secure a better deal for Greece. They were a test, a monumental opportunity to prove the validity of Varoufakis's ideas.”
Critical Negotiations
During tense discussions, the country found itself dangerously close to exiting the single currency area.
On the line lay both Greece's destiny but also the severe austerity measures required in exchange for bailout funds from international creditors.
Failed Alternatives
Attempts to secure funds from other sources, such as a desperate plea to Russia to buy Greek government bonds, were rejected.
Helping Greece would be equivalent to tossing cash into the garbage, the Russian leader is reputed to have informed Tsipras during their meeting.
Public Vote Followed by Reversal
In July 2015, those punitive bailout terms were put to a public vote, a move that plunged the EU into a further existential crisis.
Even though the vote was won decisively by those who opposed austerity, Tsipras was forced but to reject its outcome then negotiate a bailout package from creditors that proved to be even harsher.
Final Straw
The ex-PM revealed that he began to doubt his finance minister relatively soon.
“He was the face of negotiation, the figure who drew publicity, who graced the covers of magazines globally … it seemed he relished the spotlight.”
After the minister proposed a backup strategy involving creating a parallel currency and issuing coupons to retirees, the leader said he realised that it was game over and asked him: “Can you be serious?”
Lasting Criticism
Within the book, the author asserts how his former ally had proved himself to be “unsuitable for a deal that required complex and delicate handling.”
Tsipras also wrote that his aggressive approach made him more and more alone with colleagues, endangered the country, and assisted hardliners that were pushing for a Greek exit from the euro.
This retelling of history has provoked fury along with stunned disbelief in some quarters, whereas Varoufakis has maintained a deafening silence on the matter.
