In a recently unveiled personal account, called Ithaki, the former prime minister Alexis Tsipras does not hold back as he reflects on that turbulent period of Greece's economic turmoil.
An Unconventional Appointment
As per the ex-PM's version, he selected that maverick economist Yanis Varoufakis as his treasury head primarily because of the latter's global profile along with his highly compelling abilities as a communicator.
“He was, truthfully, more of a personality rather than an economist,” recalled Tsipras.
Conflicting Priorities
The former leader suggests how Varoufakis had his own motives that involved promoting Varoufakis's publications and testing out his own theories using Greece instead of truly advocating the country's economic stability.
He noted that those discussions to avoid bankruptcy became “not just a method of achieving improved terms for Greece. They were a test, a monumental chance to demonstrate the validity of Varoufakis's theories.”
High-Stakes Talks
During tense negotiations, Greece came perilously close to leaving the single currency area.
At stake lay not only the country's future but also the harsh cutbacks demanded in return for financial aid from international creditors.
Failed Options
Efforts to secure financing elsewhere, such as an urgent appeal to the Kremlin to purchase Greek government bonds, were rejected.
Helping Greece was equivalent to throwing money into the garbage, the Russian leader is reputed to have told his Greek counterpart in Moscow.
Public Vote Followed by U-Turn
That summer, the harsh conditions were put to a popular referendum, an action which threw Europe into deeper crisis of identity.
Although the vote was carried decisively by those who opposed austerity, the prime minister had little option but to reject its outcome and negotiate a rescue deal from foreign lenders that turned out to be even harsher.
Breaking Point
The ex-PM claimed how he started questioning his finance minister quite early on.
“He was the face of the talks, the figure who attracted publicity, who graced the covers of magazines the world over … it seemed he was enjoying the spotlight.”
After the minister outlined a backup strategy that included creating a parallel currency and distributing vouchers to pensioners, Tsipras said he realised that it was game over and asked him: “Can you be serious?”
Lasting Criticism
In the memoir, Tsipras concludes how his former ally had proved himself to be “unfit for an agreement that required intricate and sensitive handling.”
Tsipras also wrote how his confrontational style made him more and more alone among peers, endangered the country, and helped hardliners that were advocating a Greek exit from the euro.
The retelling of history has been met with anger along with stunned disbelief in some quarters, while the former minister has so far kept a conspicuous quiet on the matter.
