In a recently unveiled memoir, named Ithaki, the former prime minister Alexis Tsipras does not hold back while he revisits the chaotic period of Greece's debt drama.
A Controversial Choice
As per Tsipras's version, he selected the unorthodox economist Varoufakis as his finance minister primarily due to the latter's worldwide fame along with his very persuasive skills when it came to speaker.
“He was, actually, more of a personality rather than an economic expert,” stated Tsipras.
Clashing Agendas
The former leader claims that his finance chief possessed his own agenda which included advancing his publications as well as testing out his theories using Greece instead of genuinely advocating the country's economic stability.
He wrote how the negotiations to prevent bankruptcy became “not just a way to secure improved terms for Greece. They became an experiment, an historic opportunity to prove the validity of his theories.”
Critical Negotiations
During volatile discussions, the country found itself dangerously close to exiting the single currency area.
At stake lay both the country's destiny but also the punishing austerity policies required in return for financial aid from foreign lenders.
Unsuccessful Alternatives
Attempts to find financing from other sources, such as a desperate plea to Russia to purchase Greek bonds, went unanswered.
Helping the indebted country would be equivalent to tossing cash in the trash-can, the Russian leader is reputed to have told Tsipras in Moscow.
Public Vote and Reversal
That summer, the punitive bailout terms were subjected to a public vote, an action that plunged Europe into further crisis of identity.
Although the vote was won decisively by voters against the cuts, the prime minister had little option to ignore the result and negotiate a bailout package from creditors that turned out to be tougher.
Breaking Point
The ex-PM revealed how he started questioning his finance minister quite early on.
“He was the face of negotiation, the figure who drew media attention, who graced the front pages of publications globally … he gave the impression he was enjoying his new role.”
After the minister outlined a backup strategy involving establishing a secondary currency as well as issuing coupons to retirees, Tsipras knew that it was game over and asked him: “Can you be serious?”
Lasting Criticism
In the book, the author asserts that his former ally demonstrated himself “unsuitable for an agreement demanding complex and sensitive management.”
He further claimed that his confrontational approach left him increasingly isolated with colleagues, put Greece at risk, while helped hawks that were pushing for Grexit.
The account of history has provoked anger and shock in some quarters, while the former minister has so far maintained a deafening silence regarding these claims.
