In a newly released personal account, named Ithaki, the ex- leader Alexis Tsipras pulls no punches while he examines the chaotic era of Greece's debt drama.
A Controversial Appointment
In Tsipras's version, he selected that maverick academic Varoufakis to be the finance minister mainly because of his global profile along with Varoufakis's highly compelling abilities as a public orator.
“In reality, he was, in reality, more like a celebrity and less of an economist,” recalled Tsipras.
Conflicting Priorities
Tsipras suggests how Varoufakis had a personal agenda which included promoting Varoufakis's publications and testing out his own theories using the nation rather than genuinely advocating its economic stability.
Tsipras explained how those negotiations to stave off insolvency became “not just a method of achieving improved terms for Greece. They became an experiment, a monumental opportunity to prove the truth of his theories.”
High-Stakes Negotiations
During volatile discussions, the country found itself dangerously on the brink of leaving the eurozone.
At stake lay not only the country's destiny and the harsh austerity policies demanded in return for financial aid by international creditors.
Failed Alternatives
Attempts to secure funds from other sources, such as a desperate plea to the Kremlin to purchase Greek government bonds, were rejected.
Assisting the indebted country would be equivalent to tossing cash into the garbage, the Russian leader is reputed to have told his Greek counterpart during their meeting.
Public Vote and U-Turn
That summer, the excoriating conditions were subjected to a popular referendum, an action that plunged the EU into further crisis of identity.
Even though the vote was won decisively by those against the cuts, Tsipras was forced but to reject its outcome and negotiate a bailout package with foreign lenders which turned out to be even harsher.
Breaking Point
The ex-PM revealed that he started questioning his finance minister quite early on.
“Varoufakis was the face of negotiation, the man who attracted publicity, who appeared on the front pages of magazines the world over … it seemed he relished his new role.”
When the minister proposed a contingency plan involving establishing a secondary currency as well as issuing coupons to retirees, Tsipras knew that it was the end and asked Varoufakis: “Is this for real?”
Enduring Criticism
In the memoir, the author concludes that Varoufakis had proved himself to be “unfit for a deal demanding complex and delicate handling.”
He further claimed that his confrontational approach made him increasingly isolated among peers, endangered the country, and helped hawks who were advocating 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 so far maintained a deafening silence on the matter.
