Within his newly released memoir, called Ithaki, the ex- prime minister Alexis Tsipras does not hold back as he examines that chaotic period of Greece's debt drama.
An Unconventional Appointment
In the ex-PM's recollections, Tsipras chose the maverick economist Varoufakis as the treasury head mainly due to the latter's international reputation along with Varoufakis's very persuasive abilities as a speaker.
“In reality, he was, in reality, more like a personality rather than an economic expert,” stated the 51-year-old.
Clashing Agendas
The former leader claims that Varoufakis had his own agenda which included advancing his publications and experimenting with his theories on the nation rather than genuinely advocating the country's economic stability.
Tsipras noted that the negotiations to prevent insolvency became “not just a way to secure improved terms for the country. They were an experiment, a monumental chance to prove the validity of his ideas.”
High-Stakes Talks
During volatile negotiations, the country found itself dangerously on the brink of exiting the single currency area.
At stake lay not only the country's future but also the severe austerity policies demanded in return for bailout funds from foreign lenders.
Failed Options
Efforts to find financing elsewhere, including a desperate appeal to Russia to purchase Greek bonds, went unanswered.
Helping the indebted country was tantamount to tossing cash in the trash-can, Putin reportedly told his Greek counterpart in Moscow.
Public Vote and Reversal
That summer, the excoriating conditions were subjected to a popular referendum, a move that plunged the EU into a further crisis of identity.
Even though the referendum was carried decisively by those who opposed the cuts, the prime minister was forced to reject its outcome then agree to a rescue deal with creditors which turned out to be even harsher.
Final Straw
The ex-PM revealed that he began to doubt his finance minister quite early on.
“Varoufakis was the public image of negotiation, the figure who drew media attention, who graced the front pages of publications globally … it seemed he was enjoying the spotlight.”
When the minister outlined a backup strategy that included creating a parallel currency and issuing vouchers to retirees, the leader knew it was the end questioning Varoufakis: “Is this for real?”
Lasting Rebuke
Within the memoir, the author asserts that his former ally had proved himself “unsuitable for a deal that required intricate and delicate handling.”
He further claimed that Varoufakis's aggressive style made him more and more alone with colleagues, endangered the country, while helped hardliners who were pushing for a Greek exit from the euro.
This account of history has been met with fury and shock in some quarters, whereas the former minister has so far maintained a conspicuous quiet on the matter.
