In a recently unveiled personal account, titled Ithaki, the ex- leader Alexis Tsipras does not hold back as he reflects on the chaotic period of Greece's financial crisis.
An Unconventional Appointment
According to Tsipras's version, he selected the maverick academic Yanis Varoufakis as the treasury head mainly because of his worldwide fame and his highly compelling abilities as a communicator.
“In reality, he was, actually, more like a personality rather than an economic expert,” stated the 51-year-old.
Conflicting Priorities
The former leader alleges how Varoufakis had a personal motives which included promoting his publications as well as testing out his own economic models on the nation rather than genuinely advocating its financial survival.
Tsipras explained how the negotiations to avoid bankruptcy were “not just a way to secure improved terms for the country. They were an experiment, an historic opportunity to demonstrate the validity of his theories.”
High-Stakes Negotiations
During rollercoaster discussions, Greece found itself dangerously on the brink of leaving the single currency area.
On the line lay both Greece's destiny but also those harsh cutbacks required in exchange for bailout funds by foreign lenders.
Unsuccessful Alternatives
Attempts to secure financing from other sources, such as an urgent appeal to the Kremlin to purchase Greek government bonds, fell on stony ground.
Assisting the indebted country was tantamount to tossing cash into the garbage, Putin reportedly told Tsipras during their meeting.
Public Vote and Reversal
That summer, the harsh conditions were subjected to a public vote, a move that threw Europe into a further crisis of identity.
Even though the referendum was carried decisively by voters against the cuts, the prime minister was forced to ignore the result then negotiate a bailout package from foreign lenders that turned out to be even harsher.
Final Straw
Tsipras claimed how he started questioning Varoufakis relatively soon.
“Varoufakis was the public image of the talks, the man who attracted media attention, who graced the covers of publications globally … it seemed he relished his new role.”
When Varoufakis outlined a backup strategy that included establishing a parallel currency as well as issuing vouchers to retirees, the leader said he realised it was the end and asked him: “Can you be serious?”
Lasting Criticism
Within the memoir, Tsipras asserts that Varoufakis demonstrated himself to be “unfit for a deal demanding complex and sensitive management.”
Tsipras also wrote how Varoufakis's confrontational approach left 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 in some quarters, whereas Varoufakis has maintained a conspicuous quiet regarding these claims.
