In a recently unveiled personal account, named Ithaki, the ex- premier Alexis Tsipras pulls no punches while he reflects on the chaotic period of Greece's economic turmoil.
An Unconventional Choice
As per Tsipras's version, he selected the maverick academic Yanis Varoufakis as his treasury head primarily due to the latter's worldwide fame and his “extremely attractive” abilities as a communicator.
“In reality, he was, in reality, more like a celebrity rather than an economist,” stated Tsipras.
Clashing Agendas
The former leader suggests that Varoufakis possessed his own motives that included promoting his books as well as experimenting with his theories using the nation instead of genuinely advocating its financial survival.
He wrote that the discussions to prevent insolvency were “not only a method to secure a better deal for the country. They became a test, a monumental opportunity to demonstrate the truth of Varoufakis's economic theories.”
Critical Talks
During volatile discussions, the country found itself perilously close to leaving the single currency area.
At stake lay not only the country's destiny and those harsh cutbacks required in exchange for bailout funds from international creditors.
Failed Options
Attempts to find financing from other sources, including an urgent appeal to Russia to buy Greek bonds, went unanswered.
Helping Greece would be equivalent to throwing money in the trash-can, Putin is reputed to have informed his Greek counterpart in Moscow.
Referendum Followed by U-Turn
In July 2015, the excoriating bailout terms were put to a public vote, a move that threw Europe into deeper existential crisis.
Although the vote was won decisively by those who opposed austerity, Tsipras had little option but to ignore the result then negotiate a bailout package from creditors that turned out to be more severe.
Breaking Point
Tsipras revealed that he began to doubt Varoufakis quite early on.
“He was the face of the talks, the figure who drew publicity, who appeared on the front pages of publications the world over … he gave the impression he relished his new role.”
After Varoufakis proposed a contingency plan that included establishing a parallel currency as well as distributing vouchers to retirees, Tsipras knew that it was game over questioning him: “Are you serious?”
Lasting Rebuke
Within the memoir, the author asserts that his former ally demonstrated himself “unsuitable for an agreement demanding complex and sensitive management.”
Tsipras also claimed how his confrontational approach made him increasingly isolated with colleagues, endangered the country, while helped hawks who were pushing for a Greek exit from the euro.
This account of history has provoked fury and shock in some quarters, whereas Varoufakis has kept a conspicuous quiet on the matter.
