Within his newly released memoir, named Ithaki, the former prime minister Alexis Tsipras pulls no punches while he revisits the chaotic period during Greece's debt drama.
A Controversial Appointment
According to Tsipras's version, Tsipras selected the maverick economist Yanis Varoufakis as the treasury head largely because of the latter's international reputation and his very persuasive abilities as a communicator.
“In reality, he was, truthfully, more of a personality and less of an economic expert,” recalled Tsipras.
Conflicting Agendas
Tsipras claims that Varoufakis possessed a personal motives that involved advancing his publications as well as testing out his own economic models using Greece instead of truly advocating its financial survival.
Tsipras noted how those talks to stave off bankruptcy were “not only a method of achieving a better deal for the country. They became an experiment, an historic chance to demonstrate the truth of his economic theories.”
Critical Negotiations
During volatile negotiations, Greece found itself perilously on the brink of leaving the eurozone.
On the line was both Greece's future but also the harsh austerity measures required in return for rescue loans from international creditors.
Unsuccessful Alternatives
Efforts to secure funds from other sources, including a desperate appeal to the Kremlin to purchase Greek bonds, were rejected.
Helping the indebted country was equivalent to tossing cash in the trash-can, the Russian leader is reputed to have told his Greek counterpart during their meeting.
Referendum and Reversal
In July 2015, those punitive bailout terms were subjected to a popular referendum, an action which threw the EU into a deeper existential crisis.
Even though the referendum was carried resoundingly by those who opposed the cuts, Tsipras was forced but to ignore the result then negotiate a rescue deal from creditors that turned out to be even harsher.
Final Straw
Tsipras claimed that he began to doubt his finance minister quite early on.
“He was the public image of the talks, the figure who attracted media attention, who appeared on the covers of magazines globally … he gave the impression he was enjoying his new role.”
After Varoufakis proposed a backup strategy involving establishing a parallel currency and distributing vouchers to pensioners, the leader knew that it was the end and asked Varoufakis: “Can you be serious?”
Enduring Criticism
Within the book, the author asserts how his former ally demonstrated himself to be “unfit for a deal demanding intricate and delicate management.”
Tsipras further claimed that his aggressive approach left him increasingly isolated with colleagues, endangered the country, while helped hawks who were advocating a Greek exit from the euro.
This account of history has been met with anger and stunned disbelief in some quarters, while the former minister has maintained a conspicuous quiet regarding these claims.
