In a recently unveiled personal account, titled Ithaki, the ex- leader Alexis Tsipras pulls no punches as he revisits that chaotic era during Greece's financial crisis.
A Controversial Choice
As per Tsipras's recollections, he chose the unorthodox economist Yanis Varoufakis to be his treasury head mainly because of the latter's worldwide fame and his highly compelling skills when it came to communicator.
“He was, truthfully, more of a personality rather than an economic expert,” recalled Tsipras.
Clashing Agendas
The former leader alleges how his finance chief possessed his own motives that involved advancing his publications and experimenting with his game theories on Greece rather than truly advocating its financial survival.
Tsipras wrote that those discussions to avoid bankruptcy were “not only a way of achieving a better deal for the country. They became an experiment, a monumental chance to prove the truth of his economic theories.”
Critical Talks
During tense discussions, Greece found itself perilously on the brink of leaving the single currency area.
On the line lay both the country's future and the severe cutbacks required in exchange for rescue loans by international creditors.
Unsuccessful Alternatives
Efforts to secure financing from other sources, including an urgent plea to the Kremlin to purchase Greek government bonds, were rejected.
Assisting the indebted country would be equivalent to throwing money into the garbage, Putin is reputed to have told Tsipras in Moscow.
Referendum and U-Turn
In July 2015, the harsh bailout terms were put to a popular referendum, an action that threw Europe into deeper existential crisis.
Even though the vote was won decisively by voters against austerity, the prime minister was forced but to ignore the result and agree to a bailout package with creditors which proved to be even harsher.
Final Straw
The ex-PM revealed that he began to doubt Varoufakis quite early on.
“He was the public image of negotiation, the figure who attracted media attention, who appeared on the front pages of publications globally … it seemed he was enjoying his new role.”
After Varoufakis outlined a contingency plan involving creating a secondary currency and issuing vouchers to retirees, the leader knew that it was game over questioning Varoufakis: “Is this for real?”
Lasting Criticism
Within the memoir, the author concludes how Varoufakis had proved himself “unfit for an agreement that required complex and delicate handling.”
He also claimed that Varoufakis's confrontational style left him increasingly isolated among peers, endangered the country, and helped hawks who were advocating Grexit.
The account of history has been met with anger along with stunned disbelief among certain groups, whereas the former minister has so far maintained a conspicuous quiet on the matter.
