Within his freshly published personal account, titled Ithaki, the former prime minister Alexis Tsipras pulls no punches as he reflects on the turbulent era of Greece's economic turmoil.
A Controversial Choice
As per Tsipras's version, Tsipras selected the unorthodox academic Yanis Varoufakis to be his treasury head mainly because of his worldwide fame along with Varoufakis's very persuasive abilities when it came to speaker.
“In reality, he was, truthfully, more like a celebrity and less of an economic expert,” wrote Tsipras.
Conflicting Priorities
Tsipras alleges that Varoufakis had his own agenda which included promoting Varoufakis's publications and testing out his own theories using Greece rather than genuinely fighting for its financial survival.
He wrote how those talks to prevent bankruptcy became “not only a way to secure improved terms for the country. They were a test, a monumental chance to prove the validity of Varoufakis's ideas.”
Critical Negotiations
Amid tense negotiations, Greece found itself dangerously on the brink of exiting the single currency area.
At stake was both Greece's destiny but also those punishing austerity measures required in return for bailout funds from international creditors.
Unsuccessful Alternatives
Attempts to find funds from other sources, such as an urgent appeal to the Kremlin to purchase Greek bonds, went unanswered.
Assisting the indebted country would be tantamount to throwing money into the garbage, Putin reportedly informed Tsipras during their meeting.
Public Vote Followed by U-Turn
That summer, the punitive conditions were subjected to a popular referendum, a move which threw the EU into deeper existential crisis.
Although the referendum was carried decisively by voters who opposed austerity, the prime minister was forced but to ignore the result and negotiate a rescue deal from creditors which proved to be more severe.
Breaking Point
Tsipras claimed that he began to doubt Varoufakis quite early on.
“He was the face of the talks, the man who drew publicity, who graced the covers of publications the world over … it seemed he was enjoying the spotlight.”
After the minister proposed a backup strategy that included creating a secondary currency and distributing coupons to pensioners, Tsipras said he realised it was game over questioning Varoufakis: “Are you serious?”
Enduring Rebuke
Within the book, the author concludes that his former ally demonstrated himself “unfit for a deal demanding intricate and delicate management.”
He also claimed how his confrontational approach made him more and more alone among peers, put Greece at risk, while assisted hawks who were advocating a Greek exit from the euro.
The retelling of events has been met with fury and shock in some quarters, while the former minister has so far maintained a deafening silence on the matter.
