In a freshly published personal account, titled Ithaki, the ex- prime minister Alexis Tsipras spares no criticism while he reflects on the turbulent era of Greece's economic turmoil.
An Unconventional Choice
In the ex-PM's account, he appointed that maverick economist Varoufakis as the treasury head primarily due to the latter's global profile and Varoufakis's very persuasive skills as a speaker.
“He was, truthfully, more like a celebrity rather than an economic expert,” recalled Tsipras.
Clashing Priorities
Tsipras suggests how his finance chief possessed his own agenda that involved promoting Varoufakis's publications as well as testing out his own game theories on Greece instead of truly advocating its economic stability.
Tsipras explained how those negotiations to prevent bankruptcy became “not just a method to secure improved terms for Greece. They were a test, a monumental opportunity to demonstrate the validity of his ideas.”
High-Stakes Negotiations
Amid volatile negotiations, the country found itself perilously close to leaving the single currency area.
On the line was not only the country's destiny and the harsh austerity policies demanded in return for rescue loans by foreign lenders.
Unsuccessful Options
Attempts to find funds elsewhere, such as an urgent appeal to Russia to purchase Greek bonds, went unanswered.
Helping the indebted country was equivalent to throwing money into the garbage, the Russian leader is reputed to have informed Tsipras during their meeting.
Referendum Followed by U-Turn
In July 2015, those excoriating conditions were subjected to a public vote, a move which plunged the EU into deeper crisis of identity.
Even though the vote was won resoundingly by those who opposed the cuts, Tsipras was forced to reject its outcome and agree to a rescue deal with foreign lenders that proved to be tougher.
Breaking Point
The ex-PM revealed how he began to doubt his finance minister quite early on.
“Varoufakis was the face of the talks, the man who attracted media attention, who graced the front pages of magazines the world over … he gave the impression he relished the spotlight.”
When Varoufakis outlined a contingency plan involving creating a secondary currency as well as issuing coupons to retirees, the leader said he realised that it was game over questioning Varoufakis: “Can you be serious?”
Enduring Criticism
Within the memoir, Tsipras asserts how his former ally had proved himself to be “unfit for a deal demanding complex and delicate handling.”
He also claimed how his aggressive approach made him increasingly isolated among peers, put Greece at risk, while helped hawks that were advocating Grexit.
The retelling of history has been met with anger along with shock among certain groups, while Varoufakis has so far maintained a deafening silence on the matter.
