Within his newly released memoir, called Ithaki, the ex- prime minister Alexis Tsipras does not hold back while he revisits the chaotic era of Greece's debt drama.
A Controversial Appointment
As per the ex-PM's account, Tsipras appointed the maverick economist Yanis Varoufakis to be the treasury head mainly due to the latter's international reputation and his highly compelling abilities when it came to public orator.
“In reality, he was, truthfully, more of a personality and less of an economist,” wrote Tsipras.
Clashing Priorities
Tsipras suggests that Varoufakis had a personal agenda that involved advancing Varoufakis's books as well as testing out his own theories on the nation instead of genuinely fighting for its financial survival.
Tsipras noted how the talks to stave off bankruptcy became “not just a method to secure a better deal for Greece. They became a test, an historic opportunity to prove the truth of Varoufakis's ideas.”
High-Stakes Negotiations
Amid rollercoaster negotiations, Greece came dangerously close to exiting the single currency area.
At stake was not only Greece's destiny and those punishing austerity policies required in exchange for bailout funds by international creditors.
Failed Alternatives
Efforts to find funds from other sources, including an urgent appeal to Russia to buy Greek government bonds, were rejected.
Assisting the indebted country would be tantamount to tossing cash in the trash-can, Putin reportedly informed Tsipras in Moscow.
Public Vote and U-Turn
In July 2015, those punitive bailout terms were put to a popular referendum, an action which plunged the EU into a deeper existential crisis.
Although the referendum was carried resoundingly by those against austerity, the prime minister had little option to reject its outcome then negotiate a rescue deal from creditors that turned out to be more severe.
Final Straw
Tsipras revealed that he began to doubt Varoufakis quite early on.
“Varoufakis was the face of negotiation, the man who attracted publicity, who appeared on the covers of publications the world over … it seemed he relished his new role.”
After Varoufakis outlined a contingency plan involving establishing a secondary currency and distributing coupons to pensioners, the leader knew that it was game over and asked him: “Can you be serious?”
Lasting Rebuke
In the book, the author concludes that Varoufakis demonstrated himself “unsuitable for an agreement that required complex and sensitive handling.”
Tsipras further claimed that Varoufakis's aggressive approach made him increasingly isolated among peers, put Greece at risk, while assisted hardliners who were advocating Grexit.
This account of history has provoked fury along with stunned disbelief in some quarters, while the former minister has so far maintained a deafening silence regarding these claims.
