Within his recently unveiled personal account, named Ithaki, the ex- leader Alexis Tsipras pulls no punches as he reflects on the turbulent period during Greece's financial crisis.
A Controversial Choice
As per Tsipras's account, Tsipras selected the unorthodox economist Yanis Varoufakis as his treasury head primarily due to the latter's worldwide fame along with Varoufakis's very persuasive skills when it came to public orator.
“In reality, he was, actually, more of a star and less of an economic expert,” stated the 51-year-old.
Conflicting Agendas
Tsipras claims that his finance chief possessed his own motives which included promoting Varoufakis's publications and testing out his theories using the nation instead of truly fighting for the country's economic stability.
Tsipras explained that the discussions to prevent insolvency were “not just a way to secure improved terms for Greece. They were an experiment, an historic chance to demonstrate the validity of Varoufakis's ideas.”
High-Stakes Negotiations
Amid volatile discussions, the country came perilously on the brink of leaving the eurozone.
On the line was not only Greece's future and those harsh cutbacks required in return for bailout funds from foreign lenders.
Failed Options
Efforts to find financing from other sources, such as an urgent plea to Russia to purchase Greek bonds, fell on stony ground.
Assisting the indebted country was equivalent to tossing cash into the garbage, Putin is reputed to have informed his Greek counterpart during their meeting.
Public Vote and U-Turn
That summer, the excoriating bailout terms were put to a public vote, an action which threw the EU into further existential crisis.
Even though the referendum was won resoundingly by voters who opposed austerity, Tsipras was forced to reject its outcome then negotiate a rescue deal with creditors that proved to be even harsher.
Breaking Point
Tsipras claimed how he started questioning Varoufakis quite early on.
“He was the public image of negotiation, the figure who drew media attention, who graced the covers of publications the world over … he gave the impression he was enjoying his new role.”
When Varoufakis proposed a backup strategy that included creating a parallel currency as well as issuing vouchers to retirees, Tsipras knew that it was the end and asked him: “Can you be serious?”
Lasting Rebuke
Within the book, the author asserts that his former ally demonstrated himself “unfit for an agreement demanding complex and delicate handling.”
He also claimed how Varoufakis's aggressive approach left him more and more alone with colleagues, endangered the country, and helped hawks that were advocating a Greek exit from the euro.
This account of history has been met with anger along with shock in some quarters, while the former minister has kept a deafening silence regarding these claims.
