In a newly released personal account, titled Ithaki, the ex- prime minister Alexis Tsipras does not hold back while he examines that chaotic period during Greece's debt drama.
A Controversial Appointment
In Tsipras's version, Tsipras chose the unorthodox economist Yanis Varoufakis to be the treasury head mainly due to his global profile and his highly compelling abilities when it came to speaker.
“He was, actually, more of a celebrity and less of an economic expert,” stated the 51-year-old.
Conflicting Priorities
The former leader suggests that his finance chief possessed a personal agenda which included promoting Varoufakis's publications as well as testing out his economic models using Greece instead of truly advocating its economic stability.
He wrote how those negotiations to avoid insolvency became “not only a method of achieving a better deal for Greece. They became an experiment, a monumental opportunity to prove the validity of his economic theories.”
Critical Negotiations
Amid tense negotiations, the country came perilously on the brink of leaving the single currency area.
On the line was not only the country's destiny and the harsh cutbacks required in exchange for bailout funds from international creditors.
Unsuccessful Alternatives
Efforts to secure financing from other sources, such as an urgent plea to Russia to purchase Greek bonds, fell on stony ground.
Helping the indebted country was equivalent to tossing cash into the garbage, Putin reportedly told Tsipras during their meeting.
Public Vote Followed by U-Turn
In July 2015, the excoriating conditions were subjected to a popular referendum, an action which threw Europe into further crisis of identity.
Although the vote was carried resoundingly by those who opposed austerity, the prime minister had little option to reject its outcome and agree to a rescue deal from foreign lenders that proved to be more severe.
Breaking Point
The ex-PM claimed that he started questioning Varoufakis relatively soon.
“Varoufakis was the face of the talks, the figure who attracted publicity, who appeared on the front pages of magazines globally … he gave the impression he relished the spotlight.”
After Varoufakis outlined a backup strategy that included establishing a parallel currency and distributing coupons to pensioners, Tsipras said he realised it was the end and asked him: “Are you serious?”
Enduring Criticism
In the memoir, the author asserts how his former ally had proved himself to be “unfit for a deal demanding complex and delicate management.”
Tsipras further claimed how Varoufakis's aggressive approach left him more and more alone with colleagues, endangered the country, while assisted hawks that were pushing for a Greek exit from the euro.
The retelling of events has provoked anger along with shock in some quarters, whereas the former minister has kept a conspicuous quiet regarding these claims.
