Within his newly released personal account, named Ithaki, the ex- leader Alexis Tsipras does not hold back while he examines the chaotic period of Greece's financial crisis.
A Controversial Choice
In Tsipras's account, Tsipras selected that unorthodox economist Yanis Varoufakis as the treasury head primarily due to the latter's global profile and his “extremely attractive” abilities when it came to speaker.
“He was, truthfully, more of a celebrity rather than an economist,” wrote Tsipras.
Clashing Agendas
Tsipras alleges how his finance chief had his own agenda that included promoting Varoufakis's publications and testing out his theories on the nation rather than truly advocating the country's economic stability.
Tsipras wrote that those discussions to prevent insolvency became “not only a way of achieving improved terms for Greece. They were an experiment, a monumental chance to demonstrate the truth of Varoufakis's theories.”
High-Stakes Negotiations
During tense negotiations, Greece found itself dangerously on the brink of leaving the single currency area.
On the line was both the country's future but also those harsh austerity measures demanded in return for bailout funds by foreign lenders.
Failed Alternatives
Efforts to find financing elsewhere, including a desperate appeal to the Kremlin to purchase Greek government bonds, were rejected.
Assisting Greece was tantamount to tossing cash in the trash-can, the Russian leader reportedly informed Tsipras during their meeting.
Referendum Followed by U-Turn
In July 2015, the excoriating conditions were put to a popular referendum, an action which threw Europe into a deeper existential crisis.
Even though the referendum was carried resoundingly by voters who opposed austerity, the prime minister had little option but to ignore the result and agree to a bailout package from foreign lenders that proved to be tougher.
Breaking Point
Tsipras claimed that he began to doubt Varoufakis quite early on.
“He was the public image of the talks, the man who attracted publicity, who graced the front pages of magazines globally … he gave the impression he was enjoying his new role.”
After Varoufakis proposed a contingency plan involving establishing a parallel currency as well as distributing coupons to retirees, Tsipras knew it was game over and asked him: “Is this for real?”
Enduring Criticism
Within the memoir, the author concludes how Varoufakis demonstrated himself to be “unsuitable for a deal demanding complex and sensitive handling.”
He further claimed how his confrontational approach made him more and more alone among peers, put Greece at risk, while assisted hardliners who were pushing for a Greek exit from the euro.
The retelling of events has provoked fury along with stunned disbelief among certain groups, while Varoufakis has kept a deafening silence regarding these claims.
