In a newly released personal account, titled Ithaki, the ex- prime minister Alexis Tsipras spares no criticism while he examines the chaotic era of Greece's economic turmoil.
A Controversial Choice
In the ex-PM's version, Tsipras selected that maverick economist Yanis Varoufakis to be the treasury head mainly due to his international reputation along with Varoufakis's very persuasive abilities as a public orator.
“He was, in reality, more like a celebrity and less of an economic expert,” recalled Tsipras.
Conflicting Agendas
Tsipras suggests that his finance chief had a personal motives that included promoting his publications as well as experimenting with his economic models on Greece instead of truly advocating the country's financial survival.
Tsipras noted that the talks to stave off insolvency were “not only a way to secure a better deal for Greece. They were a test, an historic opportunity to prove the validity of Varoufakis's theories.”
Critical Negotiations
During volatile negotiations, the country found itself dangerously on the brink of exiting the single currency area.
At stake lay both Greece's destiny and those harsh austerity policies demanded in exchange for bailout funds from foreign lenders.
Unsuccessful Alternatives
Attempts to secure funds elsewhere, including an urgent appeal to the Kremlin to purchase Greek bonds, fell on stony ground.
Assisting Greece was equivalent to throwing money into the garbage, Putin reportedly informed his Greek counterpart during their meeting.
Referendum and Reversal
That summer, those harsh bailout terms were subjected to a popular referendum, an action that plunged Europe into further existential crisis.
Although the vote was won decisively by those who opposed austerity, the prime minister had little option to ignore the result and negotiate a bailout package with foreign lenders that turned out to be tougher.
Breaking Point
Tsipras claimed that he started questioning Varoufakis relatively soon.
“He was the public image of negotiation, the figure who drew publicity, who appeared on the covers of magazines the world over … he gave the impression he relished the spotlight.”
After the minister outlined a backup strategy involving creating a secondary currency and issuing vouchers to retirees, the leader knew that it was game over and asked him: “Can you be serious?”
Lasting Criticism
Within the book, the author asserts how Varoufakis demonstrated himself “unsuitable for an agreement demanding intricate and sensitive handling.”
Tsipras further claimed how Varoufakis's confrontational approach made him more and more alone with colleagues, put Greece at risk, and assisted hawks who were pushing for a Greek exit from the euro.
This retelling of history has been met with fury and stunned disbelief among certain groups, whereas Varoufakis has maintained a deafening silence regarding these claims.
