Within his freshly published personal account, called Ithaki, the ex- premier Alexis Tsipras spares no criticism while he examines that chaotic period of Greece's debt drama.
A Controversial Choice
According to Tsipras's account, he selected the maverick academic Yanis Varoufakis as the treasury head primarily due to the latter's international reputation along with Varoufakis's highly compelling skills as a speaker.
“In reality, he was, truthfully, more like a star rather than an economic expert,” stated Tsipras.
Clashing Agendas
Tsipras claims that Varoufakis had his own agenda which included advancing his publications and testing out his game theories using Greece instead of genuinely advocating the country's economic stability.
Tsipras noted how the discussions to avoid insolvency were “not just a method of achieving improved terms for the country. They became a test, an historic opportunity to demonstrate the validity of his economic theories.”
Critical Negotiations
During tense discussions, the country found itself dangerously close to exiting the eurozone.
At stake was both the country's future and those punishing austerity measures required in exchange for financial aid from international creditors.
Failed Options
Attempts to find financing elsewhere, such as a desperate appeal to the Kremlin to buy Greek government bonds, were rejected.
Assisting the indebted country was equivalent to throwing money into the garbage, Putin reportedly informed Tsipras during their meeting.
Public Vote Followed by Reversal
In July 2015, the excoriating conditions were put to a popular referendum, a move that threw Europe into a further existential crisis.
Although the referendum was carried resoundingly by those who opposed austerity, Tsipras had little option to reject its outcome and agree to a bailout package from foreign lenders which proved to be tougher.
Breaking Point
Tsipras claimed that he began to doubt his finance minister relatively soon.
“He was the face of negotiation, the figure who attracted publicity, who graced the covers of magazines globally … he gave the impression he was enjoying his new role.”
After Varoufakis outlined a backup strategy involving establishing a secondary currency and issuing coupons to retirees, the leader said he realised it was the end and asked him: “Are you serious?”
Lasting Criticism
Within the book, Tsipras concludes how his former ally demonstrated himself “unsuitable for a deal demanding complex and sensitive handling.”
Tsipras further claimed that his aggressive approach left him more and more alone among peers, put Greece at risk, and helped hawks who were advocating a Greek exit from the euro.
This account of history has provoked anger along with shock among certain groups, whereas Varoufakis has kept a deafening silence on the matter.
