In a newly released autobiography, named Ithaki, the former premier Alexis Tsipras pulls no punches as he revisits that chaotic period during Greece's debt drama.
A Controversial Choice
In the ex-PM's version, he chose that maverick academic Yanis Varoufakis to be the treasury head mainly because of the latter's worldwide fame and Varoufakis's very persuasive skills when it came to communicator.
“He was, truthfully, more like a star rather than an economic expert,” stated the 51-year-old.
Conflicting Agendas
Tsipras claims that Varoufakis possessed his own motives which involved promoting his books as well as experimenting with his own economic models on the nation instead of truly fighting for its financial survival.
He wrote that those discussions to avoid bankruptcy became “not just a way to secure improved terms for Greece. They became a test, a monumental chance to prove the validity of Varoufakis's economic theories.”
High-Stakes Talks
During volatile discussions, the country came dangerously on the brink of leaving the single currency area.
At stake lay not only Greece's future but also those severe austerity measures demanded in exchange for bailout funds by international creditors.
Unsuccessful Options
Efforts to find funds from other sources, including a desperate appeal to the Kremlin to buy Greek government bonds, fell on stony ground.
Helping the indebted country would be equivalent to tossing cash into the garbage, Putin reportedly told Tsipras in Moscow.
Referendum and U-Turn
That summer, those harsh conditions were put to a public vote, a move which threw Europe into a deeper existential crisis.
Even though the vote was won decisively by voters against the cuts, Tsipras had little option to reject its outcome then negotiate a rescue deal with creditors that turned out to be more severe.
Breaking Point
Tsipras claimed that he began to doubt Varoufakis quite early on.
“Varoufakis was the face of negotiation, the figure who drew publicity, who appeared on the covers of magazines the world over … he gave the impression he was enjoying the spotlight.”
When Varoufakis outlined a backup strategy involving establishing a secondary currency and issuing coupons to pensioners, Tsipras knew it was the end questioning Varoufakis: “Can you be serious?”
Enduring Rebuke
In the book, Tsipras concludes that Varoufakis had proved himself “unsuitable for an agreement that required intricate and sensitive management.”
Tsipras further claimed how his confrontational approach left him more and more alone among peers, put Greece at risk, and helped hawks that were pushing for Grexit.
The account of events has been met with anger along with shock among certain groups, while Varoufakis has so far maintained a conspicuous quiet regarding these claims.
