Within his freshly published personal account, named Ithaki, the ex- prime minister Alexis Tsipras pulls no punches as he examines that chaotic era during Greece's financial crisis.
An Unconventional Choice
As per Tsipras's account, he chose the unorthodox academic Yanis Varoufakis as his finance minister largely because of the latter's worldwide fame and Varoufakis's highly compelling skills as a communicator.
“He was, actually, more of a star rather than an economist,” wrote the 51-year-old.
Clashing Priorities
Tsipras alleges how his finance chief had his own agenda that involved advancing his books and testing out his own economic models using Greece rather than truly advocating the country's financial survival.
He noted how the discussions to stave off bankruptcy became “not only a method of achieving a better deal for the country. They were an experiment, a monumental chance to demonstrate the validity of his ideas.”
Critical Negotiations
During rollercoaster negotiations, Greece came perilously on the brink of leaving the single currency area.
At stake lay not only Greece's future but also the severe austerity measures demanded in exchange for bailout funds from international creditors.
Unsuccessful Alternatives
Attempts to secure financing elsewhere, such as a desperate plea to the Kremlin to purchase Greek government bonds, went unanswered.
Assisting the indebted country would be equivalent to tossing cash into the garbage, the Russian leader is reputed to have told Tsipras in Moscow.
Public Vote and U-Turn
In July 2015, those punitive bailout terms were subjected to a public vote, a move that threw the EU into a deeper existential crisis.
Although the referendum was won resoundingly by voters who opposed austerity, the prime minister was forced but to ignore the result and agree to a rescue deal with foreign lenders which proved to be more severe.
Final Straw
The ex-PM revealed how he began to doubt his finance minister quite early on.
“He was the face of negotiation, the figure who attracted media attention, who graced the covers of magazines the world over … it seemed he relished his new role.”
After the minister proposed a backup strategy that included creating a parallel currency and issuing vouchers to retirees, the leader said he realised it was the end questioning him: “Can you be serious?”
Enduring Rebuke
In the memoir, the author concludes that his former ally demonstrated himself “unsuitable for an agreement demanding intricate and delicate handling.”
Tsipras also wrote how his confrontational approach made him increasingly isolated among peers, endangered the country, and assisted hardliners that were pushing for a Greek exit from the euro.
The account of events has been met with fury along with shock in some quarters, while the former minister has kept a deafening silence regarding these claims.
