Within his freshly published personal account, titled Ithaki, the former leader Alexis Tsipras pulls no punches as he revisits the turbulent period of Greece's debt drama.
A Controversial Choice
As per Tsipras's version, Tsipras appointed that maverick academic Yanis Varoufakis to be his treasury head largely due to his worldwide fame and Varoufakis's highly compelling skills as a public orator.
“In reality, he was, actually, more like a celebrity and less of an economic expert,” wrote Tsipras.
Clashing Priorities
Tsipras suggests that Varoufakis had his own motives that involved promoting his books as well as testing out his economic models using Greece instead of genuinely fighting for its economic stability.
He explained how those negotiations to prevent bankruptcy were “not just a way of achieving a better deal for Greece. They were a test, a monumental chance to demonstrate the validity of his ideas.”
Critical Talks
Amid rollercoaster negotiations, Greece came perilously on the brink of leaving the single currency area.
At stake lay not only Greece's destiny and those punishing cutbacks required in exchange for rescue loans by international creditors.
Failed Alternatives
Attempts to secure funds elsewhere, such as an urgent plea to Russia to purchase Greek bonds, were rejected.
Helping the indebted country would be tantamount to tossing cash in the trash-can, the Russian leader is reputed to have told Tsipras during their meeting.
Public Vote and U-Turn
In July 2015, those excoriating bailout terms were subjected to a public vote, an action which plunged Europe into a deeper crisis of identity.
Although the vote was won decisively by those against the cuts, Tsipras had little option but to ignore the result and negotiate a bailout package with foreign lenders that turned out to be tougher.
Breaking Point
Tsipras revealed that he started questioning his finance minister quite early on.
“He was the face of the talks, the figure who attracted media attention, who graced the front pages of magazines the world over … he gave the impression he was enjoying the spotlight.”
When the minister proposed a backup strategy that included creating a parallel currency as well as distributing vouchers to retirees, the leader knew that it was the end and asked Varoufakis: “Can you be serious?”
Enduring Criticism
Within the book, the author asserts that Varoufakis had proved himself to be “unfit for an agreement that required intricate and sensitive management.”
He further claimed that Varoufakis's aggressive style made him increasingly isolated with colleagues, put Greece at risk, while assisted hardliners who were pushing for Grexit.
This account of events has provoked anger and shock in some quarters, while the former minister has kept a deafening silence regarding these claims.
