Within his freshly published personal account, named Ithaki, the ex- leader Alexis Tsipras does not hold back while he examines that turbulent period of Greece's debt drama.
An Unconventional Appointment
According to Tsipras's account, he appointed that maverick economist Yanis Varoufakis to be his treasury head mainly because of his global profile along with Varoufakis's “extremely attractive” abilities when it came to speaker.
“He was, in reality, more like a star and less of an economist,” stated Tsipras.
Conflicting Priorities
The former leader claims how Varoufakis possessed a personal agenda which included promoting Varoufakis's books and experimenting with his own theories using Greece instead of genuinely advocating its financial survival.
Tsipras wrote that those discussions to avoid insolvency were “not just a method of achieving a better deal for Greece. They became an experiment, a monumental chance to prove the validity of Varoufakis's economic theories.”
High-Stakes Negotiations
During tense discussions, Greece found itself dangerously on the brink of exiting the single currency area.
On the line was not only the country's future and the punishing austerity policies required in exchange for rescue loans from foreign lenders.
Failed Alternatives
Efforts to secure funds from other sources, such as an urgent plea to the Kremlin to purchase Greek bonds, were rejected.
Helping Greece would be tantamount to throwing money into the garbage, the Russian leader reportedly informed his Greek counterpart in Moscow.
Referendum Followed by Reversal
That summer, the punitive bailout terms were put to a popular referendum, a move that threw Europe into further crisis of identity.
Even though the vote was carried decisively by voters who opposed the cuts, Tsipras had little option to reject its outcome and negotiate a rescue deal with creditors that proved to be even harsher.
Final Straw
The ex-PM claimed how he started questioning Varoufakis relatively soon.
“Varoufakis was the public image of the talks, the man who drew publicity, who graced the front pages of publications globally … it seemed he relished the spotlight.”
When the minister outlined a contingency plan that included creating a parallel currency and issuing vouchers to retirees, Tsipras knew that it was game over and asked him: “Can you be serious?”
Enduring Criticism
Within the memoir, Tsipras asserts that Varoufakis demonstrated himself “unfit for a deal that required complex and sensitive management.”
Tsipras further wrote that Varoufakis's confrontational style left him more and more alone with colleagues, endangered the country, and assisted hawks who were pushing for a Greek exit from the euro.
The account of history has been met with anger along with shock among certain groups, while Varoufakis has maintained a conspicuous quiet regarding these claims.
