Within his recently unveiled personal account, titled Ithaki, the ex- prime minister Alexis Tsipras spares no criticism while he reflects on the turbulent era during Greece's financial crisis.
An Unconventional Choice
In the ex-PM's version, Tsipras appointed the maverick economist Varoufakis as the treasury head primarily due to the latter's international reputation along with Varoufakis's very persuasive skills as a communicator.
“In reality, he was, actually, more like a celebrity rather than an economist,” recalled Tsipras.
Clashing Agendas
Tsipras suggests how his finance chief possessed a personal motives which included advancing his books and experimenting with his theories on Greece rather than genuinely fighting for the country's economic stability.
Tsipras noted how those negotiations to avoid bankruptcy were “not just a way to secure a better deal for the country. They were an experiment, a monumental chance to prove the truth of Varoufakis's economic theories.”
High-Stakes Negotiations
During tense discussions, Greece found itself dangerously on the brink of leaving the eurozone.
At stake lay both the country's destiny and those harsh austerity policies required in return for financial aid by international creditors.
Unsuccessful Options
Efforts to secure financing elsewhere, such as a desperate appeal to Russia to purchase Greek bonds, went unanswered.
Assisting the indebted country would be tantamount to tossing cash into the garbage, the Russian leader reportedly told Tsipras during their meeting.
Referendum Followed by U-Turn
In July 2015, those punitive bailout terms were put to a popular referendum, a move that threw Europe into further crisis of identity.
Even though the vote was won resoundingly by those against the cuts, Tsipras was forced to ignore the result and agree to a bailout package from foreign lenders which turned out to be tougher.
Final Straw
Tsipras revealed that he began to doubt his finance minister quite early on.
“Varoufakis was the public image of negotiation, the man who attracted publicity, who graced the front pages of publications the world over … he gave the impression he was enjoying the spotlight.”
When Varoufakis proposed a contingency plan involving creating a parallel currency as well as issuing coupons to retirees, Tsipras said he realised that it was the end and asked Varoufakis: “Are you serious?”
Lasting Criticism
In the memoir, the author asserts that his former ally demonstrated himself to be “unsuitable for a deal demanding intricate and delicate management.”
He also claimed how his aggressive approach made him increasingly isolated with colleagues, put Greece at risk, while assisted hawks who were pushing for a Greek exit from the euro.
The retelling of history has been met with fury along with stunned disbelief in some quarters, while the former minister has maintained a deafening silence regarding these claims.
