Within his newly released memoir, named Ithaki, the ex- premier Alexis Tsipras pulls no punches as he reflects on the chaotic era during Greece's economic turmoil.
An Unconventional Choice
According to Tsipras's version, Tsipras appointed that unorthodox academic Varoufakis to be the treasury head mainly because of his worldwide fame along with Varoufakis's “extremely attractive” abilities when it came to public orator.
“In reality, he was, in reality, more of a star and less of an economist,” recalled Tsipras.
Clashing Agendas
Tsipras suggests how his finance chief had his own agenda which involved promoting Varoufakis's publications as well as experimenting with his theories using the nation rather than genuinely fighting for its economic stability.
He noted how those discussions to stave off insolvency were “not just a way to secure a better deal for Greece. They were a test, an historic chance to demonstrate the truth of his economic theories.”
High-Stakes Talks
Amid tense negotiations, the country found itself dangerously close to leaving the single currency area.
At stake lay not only the country's destiny and those harsh austerity policies required in return for bailout funds by international creditors.
Failed Alternatives
Attempts to secure financing from other sources, such as a desperate plea to Russia to purchase Greek government bonds, fell on stony ground.
Assisting the indebted country was equivalent to throwing money into the garbage, the Russian leader reportedly told Tsipras during their meeting.
Public Vote and Reversal
That summer, the punitive bailout terms were put to a public vote, an action that threw the EU into a deeper crisis of identity.
Even though the vote was won resoundingly by those against austerity, Tsipras was forced but to reject its outcome and agree to a bailout package with creditors that proved to be tougher.
Final Straw
The ex-PM claimed how he began to doubt his finance minister quite early on.
“He was the face of negotiation, the man who attracted media attention, who graced the front pages of publications the world over … it seemed he was enjoying his new role.”
After the minister proposed a backup strategy involving creating a parallel currency and distributing vouchers to retirees, Tsipras said he realised that it was game over questioning Varoufakis: “Is this for real?”
Enduring Criticism
Within the book, Tsipras concludes that his former ally had proved himself “unfit for an agreement demanding complex and delicate management.”
Tsipras further claimed how Varoufakis's confrontational style made him more and more alone with colleagues, endangered the country, and assisted hardliners that were advocating a Greek exit from the euro.
This retelling of history has been met with anger along with shock in some quarters, whereas the former minister has maintained a deafening silence on the matter.
