Within his freshly published personal account, named Ithaki, the former premier Alexis Tsipras spares no criticism while he reflects on that chaotic period of Greece's financial crisis.
An Unconventional Choice
As per Tsipras's account, Tsipras appointed the maverick academic Yanis Varoufakis to be the treasury head largely due to the latter's international reputation and his very persuasive abilities as a speaker.
“In reality, he was, in reality, more like a star rather than an economist,” recalled Tsipras.
Clashing Priorities
The former leader alleges that Varoufakis possessed his own agenda that involved advancing his books and testing out his own economic models on the nation instead of genuinely advocating the country's economic stability.
Tsipras noted that the negotiations to avoid bankruptcy became “not just a way of achieving improved terms for Greece. They became an experiment, a monumental opportunity to demonstrate the truth of his economic theories.”
Critical Negotiations
Amid rollercoaster discussions, Greece found itself dangerously close to exiting the eurozone.
At stake was not only Greece's future but also those harsh austerity measures required in return for bailout funds from international creditors.
Failed Options
Efforts to secure financing elsewhere, including a desperate plea to the Kremlin to buy Greek government bonds, were rejected.
Helping the indebted country would be tantamount to tossing cash into the garbage, the Russian leader is reputed to have informed his Greek counterpart in Moscow.
Referendum and Reversal
In July 2015, those excoriating bailout terms were put to a public vote, a move that plunged the EU into a further crisis of identity.
Although the referendum was won decisively by those against the cuts, Tsipras was forced but to ignore the result and negotiate a bailout package from foreign lenders that turned out to be tougher.
Breaking Point
The ex-PM revealed how he started questioning his finance minister relatively soon.
“Varoufakis was the public image of negotiation, the figure who attracted media attention, who appeared on the covers of publications globally … he gave the impression he relished the spotlight.”
After the minister proposed a backup strategy involving creating a secondary currency and distributing vouchers to pensioners, the leader said he realised it was game over questioning Varoufakis: “Is this for real?”
Lasting Criticism
In the book, the author asserts how Varoufakis demonstrated himself “unfit for an agreement demanding intricate and delicate management.”
He also wrote that his aggressive style left him increasingly isolated among peers, put Greece at risk, and assisted hawks who were advocating Grexit.
This retelling of events has been met with anger along with shock among certain groups, while the former minister has maintained a deafening silence on the matter.
