In a freshly published memoir, called Ithaki, the former premier Alexis Tsipras pulls no punches while he examines the turbulent era of Greece's financial crisis.
A Controversial Choice
According to the ex-PM's version, he appointed the maverick academic Yanis Varoufakis to be the treasury head largely because of his international reputation along with Varoufakis's highly compelling abilities as a speaker.
“He was, actually, more of a star and less of an economist,” stated the 51-year-old.
Conflicting Agendas
The former leader suggests how his finance chief had his own motives which included advancing his books and experimenting with his own game theories using the nation rather than genuinely advocating its financial survival.
Tsipras explained how the negotiations to prevent bankruptcy became “not just a method to secure a better deal for the country. They became an experiment, a monumental opportunity to prove the validity of his theories.”
Critical Negotiations
During tense negotiations, Greece found itself perilously on the brink of exiting the single currency area.
At stake lay both the country's future but also those harsh austerity policies demanded in return for financial aid by foreign lenders.
Failed Alternatives
Attempts to secure funds elsewhere, such as an urgent plea to Russia to buy Greek bonds, were rejected.
Assisting Greece would be equivalent to throwing money in the trash-can, the Russian leader reportedly informed his Greek counterpart in Moscow.
Referendum and U-Turn
That summer, those excoriating bailout terms were subjected to a public vote, an action which threw the EU into a further crisis of identity.
Although the referendum was won decisively by voters against the cuts, the prime minister was forced but to ignore the result and negotiate a bailout package from foreign lenders that turned out to be tougher.
Final Straw
Tsipras revealed that he began to doubt Varoufakis relatively soon.
“He was the face of negotiation, the figure who drew publicity, who graced the front pages of publications the world over … it seemed he relished the spotlight.”
After the minister proposed a contingency plan involving establishing a secondary currency and distributing coupons to retirees, Tsipras knew that it was game over and asked him: “Are you serious?”
Lasting Criticism
In the book, the author concludes how Varoufakis had proved himself to be “unsuitable for a deal that required complex and delicate handling.”
Tsipras also claimed how his aggressive approach left him increasingly isolated among peers, endangered the country, and assisted hawks who were advocating a Greek exit from the euro.
The retelling of history has provoked anger and shock in some quarters, whereas the former minister has so far maintained a conspicuous quiet on the matter.
