In a recently unveiled personal account, called Ithaki, the former leader Alexis Tsipras does not hold back as he reflects on the chaotic period of Greece's debt drama.
A Controversial Appointment
In the ex-PM's account, Tsipras chose the unorthodox economist Yanis Varoufakis to be his finance minister largely due to the latter's global profile and his highly compelling skills as a communicator.
“He was, in reality, more like a personality and less of an economist,” wrote the 51-year-old.
Conflicting Priorities
The former leader suggests how his finance chief possessed his own agenda which involved promoting Varoufakis's books and testing out his game theories using Greece rather than genuinely fighting for the country's economic stability.
Tsipras wrote how those negotiations to stave off bankruptcy became “not only a method of achieving a better deal for Greece. They were a test, a monumental chance to prove the truth of his economic theories.”
Critical Negotiations
Amid rollercoaster discussions, the country came perilously close to exiting the single currency area.
On the line lay both the country's destiny but also the severe austerity measures required in return for financial aid by foreign lenders.
Failed Alternatives
Efforts to secure funds elsewhere, including an urgent plea to Russia to purchase Greek government bonds, fell on stony ground.
Assisting Greece was equivalent to tossing cash into the garbage, the Russian leader is reputed to have told Tsipras during their meeting.
Referendum and U-Turn
That summer, those punitive bailout terms were subjected to a public vote, an action that plunged Europe into a deeper existential crisis.
Although the referendum was carried decisively by those against austerity, Tsipras had little option to reject its outcome then agree to a rescue deal from creditors that proved to be more severe.
Final Straw
Tsipras claimed how he started questioning Varoufakis relatively soon.
“He was the face of the talks, the man who attracted publicity, who graced the covers of magazines the world over … he gave the impression he relished his new role.”
When the minister proposed a contingency plan that included establishing a parallel currency as well as issuing coupons to pensioners, Tsipras said he realised it was the end questioning Varoufakis: “Is this for real?”
Lasting Criticism
In the memoir, Tsipras asserts how his former ally demonstrated himself “unfit for an agreement that required complex and sensitive management.”
Tsipras further wrote that his confrontational approach made him more and more alone with colleagues, put Greece at risk, and helped hardliners that were pushing for Grexit.
This account of events has provoked anger along with shock in some quarters, while the former minister has so far kept a deafening silence regarding these claims.
