In a recently unveiled personal account, titled Ithaki, the ex- leader Alexis Tsipras pulls no punches as he examines the turbulent period of Greece's debt drama.
An Unconventional Choice
According to Tsipras's recollections, Tsipras appointed the maverick economist Yanis Varoufakis as his treasury head primarily due to his global profile and his highly compelling skills when it came to public orator.
“He was, in reality, more like a celebrity and less of an economist,” wrote Tsipras.
Conflicting Priorities
Tsipras alleges how Varoufakis had his own agenda that included promoting Varoufakis's books and experimenting with his own game theories on Greece instead of truly fighting for its financial survival.
Tsipras explained that the discussions to stave off bankruptcy became “not only a way of achieving a better deal for Greece. They were an experiment, a monumental opportunity to demonstrate the truth of his economic theories.”
Critical Negotiations
Amid rollercoaster negotiations, Greece came perilously on the brink of leaving the eurozone.
At stake lay both the country's destiny but also those punishing cutbacks required in exchange for rescue loans by foreign lenders.
Unsuccessful Options
Attempts to secure funds from other sources, such as an urgent plea to the Kremlin to purchase Greek government bonds, went unanswered.
Helping the indebted country would be tantamount to throwing money in the trash-can, Putin is reputed to have told Tsipras during their meeting.
Public Vote and U-Turn
In July 2015, those excoriating bailout terms were put to a public vote, an action which plunged the EU into a deeper existential crisis.
Although the referendum was won resoundingly by voters who opposed the cuts, Tsipras had little option but to reject its outcome and agree to a bailout package with creditors that proved to be even harsher.
Final Straw
Tsipras revealed how he started questioning his finance minister quite early on.
“Varoufakis was the face of the talks, the figure who drew publicity, who graced the covers of magazines globally … it seemed he was enjoying his new role.”
After the minister outlined a contingency plan that included creating a parallel currency as well as distributing coupons to retirees, the leader knew it was game over and asked Varoufakis: “Can you be serious?”
Enduring Rebuke
Within the book, Tsipras asserts that his former ally demonstrated himself to be “unfit for a deal that required intricate and sensitive handling.”
He further claimed that his aggressive approach left him more and more alone with colleagues, put Greece at risk, while assisted hardliners who were pushing for Grexit.
The retelling of events has been met with anger and stunned disbelief in some quarters, while the former minister has so far maintained a conspicuous quiet regarding these claims.
