Within his newly released memoir, named Ithaki, the former premier Alexis Tsipras does not hold back while he reflects on that turbulent period of Greece's debt drama.
A Controversial Choice
As per the ex-PM's account, he chose the maverick economist Varoufakis as his finance minister mainly because of the latter's global profile and his very persuasive abilities when it came to communicator.
“He was, in reality, more like a personality and less of an economic expert,” stated Tsipras.
Clashing Priorities
The former leader alleges that his finance chief had his own motives that involved promoting Varoufakis's books and experimenting with his economic models using Greece rather than genuinely fighting for its economic stability.
He noted how the discussions to avoid bankruptcy became “not only a method to secure improved terms for the country. They were an experiment, a monumental chance to prove the truth of Varoufakis's theories.”
High-Stakes Negotiations
During volatile discussions, Greece came dangerously on the brink of leaving the single currency area.
At stake lay not only the country's future and those severe cutbacks demanded in return for rescue loans from foreign lenders.
Failed Options
Attempts to find financing elsewhere, such as an urgent appeal to the Kremlin to buy Greek bonds, fell on stony ground.
Helping Greece was tantamount to throwing money in the trash-can, the Russian leader reportedly informed his Greek counterpart in Moscow.
Public Vote and Reversal
That summer, those excoriating conditions were put to a popular referendum, a move that plunged the EU into deeper crisis of identity.
Although the referendum was carried decisively by those against austerity, the prime minister was forced but to ignore the result then agree to a rescue deal with creditors that proved to be more severe.
Breaking Point
The ex-PM claimed how he began to doubt his finance minister relatively soon.
“He was the face of the talks, the figure who attracted publicity, who appeared on the covers of publications the world over … it seemed he relished the spotlight.”
After the minister outlined a backup strategy involving establishing a parallel currency and issuing vouchers to pensioners, Tsipras said he realised that it was game over questioning him: “Is this for real?”
Enduring Criticism
In the memoir, Tsipras asserts how his former ally demonstrated himself “unsuitable for an agreement that required intricate and sensitive handling.”
He also claimed how his confrontational approach made him more and more alone among peers, put Greece at risk, and helped hawks who were advocating Grexit.
This account of events has provoked anger along with shock among certain groups, while the former minister has so far kept a deafening silence regarding these claims.
