In a freshly published autobiography, named Ithaki, the ex- leader Alexis Tsipras pulls no punches while he examines that turbulent period of Greece's financial crisis.
An Unconventional Appointment
As per Tsipras's version, he selected the maverick academic Yanis Varoufakis as his treasury head primarily due to his global profile and his very persuasive skills when it came to communicator.
“In reality, he was, truthfully, more of a star rather than an economist,” stated Tsipras.
Conflicting Priorities
Tsipras claims how his finance chief had his own motives that included advancing Varoufakis's books as well as testing out his theories using Greece rather than truly advocating its financial survival.
He explained that those negotiations to prevent bankruptcy were “not only a method to secure improved terms for the country. They became an experiment, an historic chance to prove the validity of his economic theories.”
Critical Talks
Amid tense negotiations, Greece found itself perilously close to exiting the single currency area.
At stake was both Greece's future and the punishing austerity policies demanded in return for rescue loans from foreign lenders.
Failed Options
Attempts to find funds elsewhere, such as an urgent appeal to Russia to purchase Greek bonds, fell on stony ground.
Assisting the indebted country was tantamount to tossing cash into the garbage, Putin reportedly told Tsipras in Moscow.
Public Vote and Reversal
That summer, those punitive bailout terms were put to a public vote, an action that plunged the EU into deeper crisis of identity.
Even though the referendum was won decisively by voters against the cuts, the prime minister had little option but to reject its outcome then negotiate a bailout package with creditors that turned out to be tougher.
Breaking Point
Tsipras revealed how he began to doubt Varoufakis relatively soon.
“Varoufakis was the public image of the talks, the figure who drew media attention, who graced the front pages of magazines globally … it seemed he was enjoying the spotlight.”
When the minister proposed a contingency plan that included establishing a secondary currency and distributing coupons to retirees, Tsipras said he realised that it was game over and asked Varoufakis: “Can you be serious?”
Enduring Criticism
Within the memoir, Tsipras asserts how his former ally had proved himself to be “unsuitable for a deal that required intricate and sensitive handling.”
He further wrote that his confrontational approach made him increasingly isolated with colleagues, endangered the country, and assisted hawks that were advocating Grexit.
The account of history has provoked fury along with stunned disbelief among certain groups, whereas Varoufakis has so far maintained a deafening silence regarding these claims.
