Within his newly released personal account, titled Ithaki, the ex- prime minister Alexis Tsipras pulls no punches while he examines that chaotic era of Greece's financial crisis.
A Controversial Choice
As per the ex-PM's recollections, Tsipras chose that maverick academic Yanis Varoufakis as the treasury head primarily because of his global profile along with his “extremely attractive” abilities when it came to communicator.
“He was, truthfully, more like a star and less of an economist,” wrote Tsipras.
Clashing Priorities
Tsipras claims that his finance chief possessed a personal motives that included advancing his publications as well as testing out his own economic models on the nation instead of genuinely fighting for the country's economic stability.
He noted that those discussions to stave off insolvency were “not only a way of achieving improved terms for Greece. They became an experiment, an historic opportunity to prove the validity of his ideas.”
High-Stakes Negotiations
During volatile discussions, Greece found itself dangerously on the brink of leaving the eurozone.
On the line lay both Greece's future and those severe austerity policies required in return for rescue loans from international creditors.
Unsuccessful Alternatives
Efforts to find funds from other sources, such as an urgent appeal to Russia to purchase Greek bonds, went unanswered.
Assisting the indebted country would be equivalent to throwing money in the trash-can, the Russian leader is reputed to have informed his Greek counterpart during their meeting.
Referendum and Reversal
In July 2015, the harsh conditions were put to a popular referendum, a move which threw Europe into deeper existential crisis.
Even though the referendum was won resoundingly by those who opposed the cuts, Tsipras was forced but to reject its outcome and negotiate a rescue deal with foreign lenders which turned out to be even harsher.
Final Straw
The ex-PM revealed how he began to doubt Varoufakis quite early on.
“Varoufakis was the public image of negotiation, the figure who drew publicity, who graced the front pages of magazines the world over … he gave the impression he was enjoying his new role.”
When Varoufakis outlined a backup strategy involving creating a parallel currency and issuing vouchers to pensioners, Tsipras said he realised it was the end and asked him: “Can you be serious?”
Lasting Criticism
In the memoir, the author concludes how his former ally had proved himself “unfit for an agreement that required complex and delicate management.”
He also claimed how Varoufakis's confrontational approach made him more and more alone among peers, endangered the country, and assisted hardliners that were advocating Grexit.
This account of events has provoked fury along with shock in some quarters, while the former minister has kept a deafening silence on the matter.
