In a recently unveiled autobiography, named Ithaki, the ex- premier Alexis Tsipras does not hold back as he examines the turbulent era of Greece's debt drama.
An Unconventional Choice
In Tsipras's version, he selected the maverick economist Yanis Varoufakis to be his finance minister primarily due to his worldwide fame and Varoufakis's “extremely attractive” abilities as a communicator.
“He was, actually, more of a celebrity and less of an economist,” stated the 51-year-old.
Clashing Priorities
Tsipras alleges how his finance chief had a personal motives that involved promoting his books and experimenting with his economic models using Greece instead of genuinely fighting for the country's economic stability.
He wrote how those talks to avoid insolvency became “not only a way of achieving a better deal for the country. They were an experiment, a monumental opportunity to prove the truth of his theories.”
Critical Negotiations
Amid volatile discussions, Greece came perilously on the brink of exiting the eurozone.
At stake was not only Greece's future and those punishing cutbacks required in exchange for bailout funds by foreign lenders.
Failed Alternatives
Efforts to find funds from other sources, such as an urgent plea to the Kremlin to purchase Greek bonds, were rejected.
Helping the indebted country would be tantamount to throwing money into the garbage, the Russian leader is reputed to have told his Greek counterpart during their meeting.
Public Vote Followed by Reversal
In July 2015, those punitive bailout terms were subjected to a popular referendum, a move that plunged the EU into a deeper existential crisis.
Although the vote was won decisively by voters who opposed the cuts, the prime minister had little option to ignore the result and negotiate a rescue deal from creditors that turned out to be even harsher.
Breaking Point
Tsipras revealed that he started questioning his finance minister quite early on.
“Varoufakis was the public image of the talks, the man who drew publicity, who graced the covers of publications globally … it seemed he relished his new role.”
After the minister proposed a backup strategy involving creating a parallel currency as well as distributing coupons to pensioners, the leader knew it was the end and asked him: “Can you be serious?”
Lasting Criticism
In the memoir, the author asserts that his former ally had proved himself to be “unfit for an agreement demanding intricate and sensitive management.”
He further wrote that his confrontational approach left him increasingly isolated with colleagues, put Greece at risk, while assisted hawks who were advocating Grexit.
The account of history has provoked anger and shock among certain groups, whereas the former minister has so far maintained a deafening silence on the matter.
