Within his freshly published personal account, named Ithaki, the ex- prime minister Alexis Tsipras spares no criticism as he examines that turbulent era of Greece's economic turmoil.
An Unconventional Choice
As per Tsipras's version, he chose the maverick economist Yanis Varoufakis to be the treasury head largely due to the latter's worldwide fame and Varoufakis's highly compelling skills as a public orator.
“In reality, he was, in reality, more of a star and less of an economic expert,” wrote Tsipras.
Conflicting Priorities
The former leader claims how his finance chief possessed his own motives which involved advancing his publications as well as experimenting with his economic models on Greece rather than truly fighting for its economic stability.
He noted that the negotiations to prevent bankruptcy became “not just a way of achieving improved terms for Greece. They were an experiment, a monumental opportunity to demonstrate the validity of his ideas.”
High-Stakes Negotiations
Amid volatile negotiations, the country came perilously close to exiting the single currency area.
On the line was both the country's future but also the severe austerity policies required in exchange for rescue loans by international creditors.
Failed Options
Attempts to secure funds elsewhere, such as a desperate plea to the Kremlin to purchase Greek government bonds, went unanswered.
Assisting Greece was tantamount to tossing cash into the garbage, Putin is reputed to have informed his Greek counterpart in Moscow.
Public Vote and U-Turn
That summer, the excoriating conditions were subjected to a popular referendum, a move that plunged Europe into further existential crisis.
Although the referendum was won decisively by those against austerity, Tsipras had little option to reject its outcome then agree to a bailout package with creditors which turned out to be tougher.
Final Straw
Tsipras revealed that he began to doubt Varoufakis quite early on.
“He was the face of the talks, the figure who drew publicity, who graced the front pages of publications globally … it seemed he was enjoying the spotlight.”
When Varoufakis proposed a backup strategy involving creating a secondary currency as well as distributing vouchers to retirees, Tsipras knew that it was game over questioning him: “Is this for real?”
Lasting Rebuke
Within the memoir, Tsipras concludes that Varoufakis demonstrated himself “unsuitable for a deal that required intricate and delicate management.”
He also wrote how his aggressive approach left him more and more alone with colleagues, endangered the country, and helped hawks who were pushing for Grexit.
This retelling of history has been met with fury along with shock among certain groups, whereas the former minister has kept a conspicuous quiet regarding these claims.
