Within his recently unveiled personal account, called Ithaki, the ex- prime minister Alexis Tsipras spares no criticism while he revisits the chaotic period of Greece's economic turmoil.
A Controversial Choice
As per Tsipras's version, Tsipras selected the unorthodox economist Yanis Varoufakis as the treasury head primarily due to the latter's international reputation along with Varoufakis's “extremely attractive” skills as a communicator.
“In reality, he was, actually, more like a personality and less of an economist,” stated Tsipras.
Conflicting Priorities
The former leader claims that his finance chief possessed his own motives that included advancing Varoufakis's publications and testing out his economic models using the nation rather than truly advocating the country's economic stability.
Tsipras noted that the negotiations to avoid insolvency were “not only a method to secure improved terms for Greece. They became an experiment, a monumental chance to prove the truth of his ideas.”
Critical Negotiations
During volatile negotiations, the country came dangerously close to leaving the single currency area.
On the line was both Greece's future and the severe austerity measures demanded in exchange for financial aid by international creditors.
Failed Options
Attempts to find funds elsewhere, including a desperate appeal to the Kremlin to buy Greek government bonds, fell on stony ground.
Assisting Greece would be equivalent to throwing money in the trash-can, the Russian leader is reputed to have informed Tsipras during their meeting.
Referendum Followed by U-Turn
That summer, those punitive bailout terms were subjected to a popular referendum, a move which plunged the EU into a deeper crisis of identity.
Even though the referendum was won decisively by voters against austerity, Tsipras had little option to ignore the result then negotiate a rescue deal with creditors which proved to be tougher.
Breaking Point
The ex-PM claimed how he started questioning his finance minister quite early on.
“Varoufakis was the public image of the talks, the figure who drew media attention, who graced the front pages of publications the world over … he gave the impression he relished the spotlight.”
After Varoufakis proposed a backup strategy involving creating a secondary currency and distributing vouchers to retirees, the leader said he realised that it was game over and asked him: “Is this for real?”
Lasting Criticism
Within the memoir, the author concludes that Varoufakis demonstrated himself to be “unsuitable for a deal that required complex and delicate management.”
Tsipras further wrote how his confrontational approach made him increasingly isolated among peers, endangered the country, while helped hardliners who were advocating Grexit.
The retelling of events has been met with fury along with stunned disbelief in some quarters, whereas the former minister has so far kept a conspicuous quiet on the matter.
