Within his newly released personal account, called Ithaki, the ex- premier Alexis Tsipras pulls no punches as he examines the chaotic period during Greece's debt drama.
A Controversial Choice
According to Tsipras's recollections, Tsipras selected the unorthodox academic Yanis Varoufakis as his treasury head primarily due to his global profile along with his highly compelling skills when it came to speaker.
“In reality, he was, in reality, more like a celebrity and less of an economist,” wrote Tsipras.
Clashing Priorities
Tsipras claims that his finance chief possessed a personal motives that involved promoting Varoufakis's publications as well as experimenting with his own economic models using the nation instead of truly fighting for its financial survival.
Tsipras noted how the talks to prevent bankruptcy were “not just a way to secure a better deal for Greece. They were a test, an historic chance to prove the truth of Varoufakis's ideas.”
High-Stakes Negotiations
During rollercoaster negotiations, Greece came perilously on the brink of exiting the eurozone.
On the line was both the country's future but also the punishing austerity measures required in return for financial aid by foreign lenders.
Failed Options
Attempts to find financing from other sources, including a desperate appeal to Russia to buy Greek government bonds, fell on stony ground.
Assisting the indebted country was tantamount to tossing cash into the garbage, Putin is reputed to have told his Greek counterpart in Moscow.
Public Vote Followed by U-Turn
That summer, the punitive conditions were subjected to a public vote, a move which plunged Europe into further existential crisis.
Even though the referendum was won decisively by those against austerity, Tsipras had little option but to reject its outcome and negotiate a rescue deal with foreign lenders which turned out to be tougher.
Breaking Point
Tsipras revealed that he began to doubt Varoufakis relatively soon.
“He was the face of the talks, the man who drew media attention, who appeared on the covers of publications the world over … he gave the impression he relished his new role.”
When Varoufakis outlined a contingency plan that included creating a parallel currency as well as issuing vouchers to retirees, the leader said he realised it was the end and asked him: “Is this for real?”
Lasting Criticism
In the memoir, the author asserts that his former ally demonstrated himself “unsuitable for a deal that required complex and sensitive management.”
Tsipras also claimed how his aggressive style left him increasingly isolated with colleagues, endangered the country, and assisted hardliners that were advocating Grexit.
The retelling of events has been met with anger and stunned disbelief among certain groups, whereas Varoufakis has so far maintained a deafening silence regarding these claims.
