Within his newly released personal account, called Ithaki, the former premier Alexis Tsipras pulls no punches while he examines that turbulent era during Greece's financial crisis.
An Unconventional Choice
As per the ex-PM's recollections, Tsipras selected the unorthodox academic Yanis Varoufakis to be the finance minister mainly due to the latter's worldwide fame and his highly compelling skills as a speaker.
“In reality, he was, in reality, more of a personality and less of an economic expert,” wrote the 51-year-old.
Conflicting Agendas
Tsipras alleges that his finance chief possessed a personal motives which included advancing his books and experimenting with his theories on the nation rather than genuinely fighting for the country's financial survival.
Tsipras noted how those talks to avoid bankruptcy became “not just a way to secure a better deal for Greece. They became an experiment, a monumental chance to demonstrate the validity of his ideas.”
High-Stakes Negotiations
Amid tense discussions, Greece found itself perilously close to exiting the single currency area.
At stake lay both the country's future but also the punishing cutbacks demanded in return for bailout funds by international creditors.
Failed Options
Attempts to find funds elsewhere, including a desperate plea to the Kremlin to buy Greek bonds, went unanswered.
Helping the indebted country was equivalent to tossing cash into the garbage, the Russian leader is reputed to have told his Greek counterpart in Moscow.
Public Vote and U-Turn
In July 2015, those punitive conditions were subjected to a popular referendum, a move which threw the EU into further existential crisis.
Even though the vote was won decisively by those against the cuts, the prime minister was forced to ignore the result then negotiate a rescue deal from foreign lenders that proved to be more severe.
Final Straw
The ex-PM claimed how he started questioning Varoufakis quite early on.
“He was the face of the talks, the man who attracted media attention, who appeared on the front pages of publications globally … it seemed he was enjoying the spotlight.”
When the minister outlined a contingency plan that included establishing a parallel currency as well as distributing coupons to retirees, Tsipras knew it was game over questioning him: “Is this for real?”
Enduring Criticism
Within the memoir, the author concludes how Varoufakis demonstrated himself “unsuitable for an agreement demanding intricate and delicate handling.”
Tsipras also wrote how his confrontational approach made him increasingly isolated among peers, endangered the country, while helped hardliners who were pushing for Grexit.
The retelling of events has been met with fury and stunned disbelief in some quarters, whereas Varoufakis has kept a conspicuous quiet on the matter.
