In a newly released personal account, named Ithaki, the ex- premier Alexis Tsipras does not hold back while he reflects on that chaotic era of Greece's financial crisis.
An Unconventional Appointment
As per Tsipras's account, Tsipras selected that unorthodox academic Yanis Varoufakis as his treasury head mainly because of the latter's worldwide fame along with his “extremely attractive” abilities as a speaker.
“In reality, he was, actually, more like a star rather than an economist,” wrote the 51-year-old.
Clashing Priorities
The former leader claims that his finance chief had his own motives that included advancing Varoufakis's publications and testing out his theories on Greece instead of genuinely advocating its financial survival.
Tsipras noted how the talks to stave off bankruptcy became “not only a way of achieving improved terms for Greece. They became a test, an historic opportunity to prove the truth of Varoufakis's theories.”
Critical Talks
During tense negotiations, the country came perilously on the brink of exiting the single currency area.
At stake lay both Greece's destiny but also those severe austerity policies required in return for bailout funds from foreign lenders.
Failed Alternatives
Attempts to find financing from other sources, such as an urgent appeal to the Kremlin to buy Greek government bonds, went unanswered.
Helping Greece was equivalent to tossing cash into the garbage, Putin is reputed to have told Tsipras in Moscow.
Public Vote and Reversal
In July 2015, the punitive conditions were subjected to a public vote, a move which threw Europe into a deeper existential crisis.
Although the referendum was carried resoundingly by voters against the cuts, Tsipras was forced to reject its outcome then negotiate a bailout package with creditors which turned out to be more severe.
Breaking Point
Tsipras revealed how he began to doubt Varoufakis quite early on.
“He was the public image of negotiation, the figure who drew publicity, who appeared on the covers of magazines the world over … he gave the impression he was enjoying his new role.”
When Varoufakis proposed a backup strategy that included establishing a secondary currency and issuing coupons to retirees, the leader said he realised it was game over questioning Varoufakis: “Can you be serious?”
Enduring Criticism
In the book, the author concludes how his former ally demonstrated himself to be “unsuitable for an agreement that required intricate and delicate management.”
He further claimed how his aggressive approach made him increasingly isolated with colleagues, put Greece at risk, while helped hawks who were advocating Grexit.
This retelling of history has been met with anger along with shock among certain groups, while Varoufakis has so far maintained a conspicuous quiet on the matter.
