Within his recently unveiled personal account, called Ithaki, the ex- premier Alexis Tsipras does not hold back while he examines the turbulent era of Greece's debt drama.
A Controversial Choice
In Tsipras's account, Tsipras chose the unorthodox economist Yanis Varoufakis to be the treasury head largely due to his global profile along with Varoufakis's highly compelling skills as a public orator.
“He was, actually, more like a celebrity rather than an economic expert,” recalled Tsipras.
Clashing Priorities
The former leader alleges that Varoufakis possessed his own agenda which included advancing his publications as well as testing out his own game theories on Greece instead of truly fighting for the country's economic stability.
Tsipras explained how those negotiations to stave off bankruptcy became “not only a way of achieving a better deal for the country. They were a test, an historic chance to prove the validity of his economic theories.”
Critical Negotiations
Amid rollercoaster discussions, Greece found itself perilously close to exiting the single currency area.
At stake was both Greece's destiny but also those severe cutbacks demanded in exchange for financial aid by international creditors.
Unsuccessful Alternatives
Efforts to secure financing elsewhere, such as an urgent plea to the Kremlin to purchase Greek bonds, were rejected.
Assisting Greece would be tantamount to throwing money into the garbage, the Russian leader is reputed to have informed his Greek counterpart during their meeting.
Public Vote and U-Turn
That summer, those excoriating bailout terms were put to a public vote, a move which plunged the EU into a deeper crisis of identity.
Although the vote was won resoundingly by those who opposed austerity, the prime minister had little option to ignore the result then negotiate a bailout package with foreign lenders that proved to be more severe.
Breaking Point
Tsipras revealed that he began to doubt his finance minister relatively soon.
“He was the face of the talks, the man who drew publicity, who graced the front pages of magazines globally … it seemed he relished the spotlight.”
When Varoufakis outlined a backup strategy that included establishing a parallel currency and distributing vouchers to pensioners, the leader said he realised that it was the end and asked Varoufakis: “Is this for real?”
Lasting Rebuke
In the book, the author concludes how Varoufakis had proved himself “unsuitable for a deal demanding complex and delicate management.”
Tsipras further wrote how Varoufakis's confrontational style made him increasingly isolated with colleagues, put Greece at risk, and assisted hawks that were advocating a Greek exit from the euro.
The retelling of events has been met with anger and shock in some quarters, while Varoufakis has kept a deafening silence regarding these claims.
