Within his newly released autobiography, called Ithaki, the ex- prime minister Alexis Tsipras does not hold back as he examines that turbulent period during Greece's financial crisis.
A Controversial Appointment
In the ex-PM's version, he selected the unorthodox academic Yanis Varoufakis as his finance minister mainly because of his international reputation along with his very persuasive abilities as a speaker.
“He was, in reality, more like a star rather than an economic expert,” stated Tsipras.
Clashing Priorities
The former leader suggests how his finance chief had his own motives which involved promoting his books and experimenting with his game theories on Greece rather than genuinely fighting for its financial survival.
He explained that the discussions to avoid insolvency became “not just a way to secure a better deal for Greece. They were a test, an historic opportunity to demonstrate the validity of his theories.”
High-Stakes Negotiations
During volatile negotiations, Greece found itself perilously on the brink of leaving the eurozone.
At stake was both Greece's future and the punishing cutbacks required in exchange for financial aid by international creditors.
Failed Options
Efforts to find funds from other sources, including a desperate plea to Russia to purchase Greek bonds, went unanswered.
Helping Greece was equivalent to tossing cash into the garbage, the Russian leader is reputed to have told his Greek counterpart during their meeting.
Referendum Followed by U-Turn
In July 2015, those harsh conditions were put to a popular referendum, a move that plunged Europe into further crisis of identity.
Even though the vote was won decisively by voters against the cuts, the prime minister had little option but to ignore the result then agree to a bailout package with creditors that proved to be even harsher.
Breaking Point
Tsipras revealed how he began to doubt Varoufakis relatively soon.
“He was the public image of the talks, the figure who attracted publicity, who graced the front pages of magazines globally … he gave the impression he was enjoying his new role.”
After the minister outlined a backup strategy that included establishing a secondary currency as well as distributing vouchers to retirees, Tsipras said he realised that it was game over questioning Varoufakis: “Is this for real?”
Enduring Criticism
Within the memoir, Tsipras asserts how Varoufakis demonstrated himself to be “unfit for a deal that required complex and delicate handling.”
Tsipras also claimed that his aggressive approach left him increasingly isolated with colleagues, put Greece at risk, while assisted hawks who were advocating Grexit.
This account of events has been met with anger along with shock in some quarters, while the former minister has so far maintained a conspicuous quiet on the matter.
