In a recently unveiled personal account, called Ithaki, the former leader Alexis Tsipras does not hold back while he reflects on the turbulent period during Greece's debt drama.
An Unconventional Appointment
As per the ex-PM's version, Tsipras appointed the unorthodox economist Yanis Varoufakis to be the finance minister mainly because of the latter's international reputation and Varoufakis's highly compelling abilities when it came to speaker.
“In reality, he was, actually, more like a celebrity and less of an economic expert,” recalled the 51-year-old.
Clashing Agendas
The former leader alleges that Varoufakis possessed his own agenda that included promoting Varoufakis's books as well as testing out his own game theories using Greece rather than genuinely advocating the country's financial survival.
He noted that the discussions to prevent bankruptcy were “not just a way to secure improved terms for Greece. They were a test, a monumental chance to demonstrate the validity of his ideas.”
High-Stakes Talks
During volatile discussions, Greece found itself perilously on the brink of leaving the single currency area.
At stake lay both the country's future but also those severe austerity policies required in return for rescue loans from international creditors.
Unsuccessful Alternatives
Efforts to secure funds elsewhere, including a desperate plea to Russia to buy Greek government bonds, went unanswered.
Helping the indebted country would be equivalent to tossing cash into the garbage, Putin reportedly told his Greek counterpart in Moscow.
Referendum and Reversal
In July 2015, the harsh conditions were subjected to a public vote, a move which plunged Europe into a further crisis of identity.
Although the referendum was carried resoundingly by those against the cuts, Tsipras had little option to ignore the result and negotiate a rescue deal with foreign lenders which proved to be tougher.
Breaking Point
Tsipras revealed that he started questioning his finance minister quite early on.
“He was the public image of the talks, the man who attracted media attention, who graced the front pages of publications globally … it seemed he was enjoying the spotlight.”
After the minister proposed a contingency plan involving establishing a parallel currency as well as distributing coupons to pensioners, Tsipras said he realised it was the end and asked Varoufakis: “Is this for real?”
Lasting Criticism
Within the memoir, the author concludes how Varoufakis had proved himself to be “unfit for a deal demanding complex and sensitive handling.”
He further claimed how Varoufakis's confrontational style made him more and more alone among peers, put Greece at risk, while helped hardliners that were advocating Grexit.
This retelling of events has provoked fury along with shock among certain groups, whereas Varoufakis has maintained a deafening silence on the matter.
