Within his recently unveiled personal account, named Ithaki, the ex- prime minister Alexis Tsipras does not hold back as he examines the chaotic era during Greece's debt drama.
An Unconventional Appointment
According to Tsipras's version, he appointed the maverick academic Yanis Varoufakis as the treasury head primarily due to his international reputation along with Varoufakis's very persuasive abilities as a communicator.
“In reality, he was, in reality, more like a star rather than an economic expert,” wrote the 51-year-old.
Clashing Priorities
The former leader suggests how his finance chief possessed his own agenda which included advancing his books and testing out his theories on Greece rather than truly advocating the country's economic stability.
Tsipras wrote that those negotiations to prevent bankruptcy were “not just a way of achieving a better deal for Greece. They became a test, a monumental chance to demonstrate the validity of Varoufakis's economic theories.”
High-Stakes Talks
During tense discussions, the country came perilously close to exiting the single currency area.
On the line was not only the country's future but also the harsh austerity policies demanded in return for rescue loans from international creditors.
Unsuccessful Alternatives
Attempts to secure financing elsewhere, including a desperate plea to Russia to purchase Greek government bonds, fell on stony ground.
Assisting the indebted country was tantamount to throwing money in the trash-can, Putin is reputed to have informed Tsipras during their meeting.
Public Vote Followed by Reversal
In July 2015, the excoriating conditions were put to a popular referendum, a move that plunged the EU into a further existential crisis.
Although the vote was carried decisively by voters who opposed austerity, Tsipras was forced to reject its outcome and agree to a bailout package from creditors which turned out to be tougher.
Breaking Point
Tsipras revealed that he started questioning Varoufakis relatively soon.
“He was the face of the talks, the man who attracted media attention, who graced the front pages of magazines globally … it seemed he was enjoying his new role.”
When the minister outlined a backup strategy that included creating a secondary currency as well as issuing vouchers to pensioners, the leader knew it was the end questioning Varoufakis: “Are you serious?”
Lasting Criticism
In the memoir, the author concludes that Varoufakis had proved himself “unfit for an agreement that required complex and delicate management.”
Tsipras further wrote how his confrontational approach left him more and more alone among peers, endangered the country, and helped hawks who were pushing for Grexit.
This retelling of events has provoked fury and shock among certain groups, whereas Varoufakis has so far kept a conspicuous quiet regarding these claims.
