Within his newly released personal account, called Ithaki, the former premier Alexis Tsipras spares no criticism as he examines that turbulent era of Greece's financial crisis.
An Unconventional Appointment
According to Tsipras's account, he selected the maverick academic Yanis Varoufakis as the treasury head mainly because of his worldwide fame and Varoufakis's very persuasive skills as a speaker.
“He was, truthfully, more of a personality rather than an economic expert,” wrote Tsipras.
Conflicting Priorities
Tsipras claims that his finance chief possessed a personal agenda that included advancing Varoufakis's books as well as testing out his own theories on Greece rather than truly advocating its financial survival.
He noted how those discussions to stave off bankruptcy were “not only a method to secure improved terms for the country. They were a test, an historic opportunity to prove the truth of Varoufakis's economic theories.”
High-Stakes Talks
During rollercoaster discussions, Greece came perilously on the brink of exiting the single currency area.
On the line lay both Greece's destiny and those harsh austerity policies required in exchange for rescue loans by foreign lenders.
Failed Alternatives
Efforts to secure funds elsewhere, such as a desperate plea to the Kremlin to buy Greek bonds, went unanswered.
Assisting Greece was tantamount to tossing cash into the garbage, Putin is reputed to have informed Tsipras in Moscow.
Referendum Followed by U-Turn
In July 2015, those harsh bailout terms were subjected to a popular referendum, a move which plunged Europe into further existential crisis.
Although the referendum was won resoundingly by those against the cuts, Tsipras was forced but to ignore the result then agree to a bailout package from foreign lenders that proved to be tougher.
Breaking Point
Tsipras claimed that he started questioning Varoufakis quite early on.
“He was the public image of the talks, the man who attracted publicity, who graced the covers of magazines globally … it seemed he was enjoying the spotlight.”
After Varoufakis outlined a contingency plan involving creating a parallel currency as well as issuing vouchers to retirees, Tsipras knew it was game over questioning him: “Is this for real?”
Enduring Criticism
Within the book, the author asserts how his former ally demonstrated himself to be “unfit for an agreement that required intricate and sensitive management.”
He also wrote that Varoufakis's aggressive approach made him more and more alone with colleagues, endangered the country, while helped hawks that were pushing for a Greek exit from the euro.
The retelling of history has provoked fury along with shock among certain groups, whereas the former minister has so far kept a deafening silence regarding these claims.
