In a newly released memoir, named Ithaki, the ex- prime minister Alexis Tsipras pulls no punches as he revisits that chaotic era of Greece's economic turmoil.
An Unconventional Appointment
In the ex-PM's version, Tsipras chose that unorthodox economist Varoufakis to be his treasury head primarily because of his international reputation along with his “extremely attractive” abilities when it came to public orator.
“In reality, he was, actually, more of a celebrity rather than an economist,” wrote the 51-year-old.
Clashing Priorities
The former leader alleges that Varoufakis possessed a personal motives that included advancing his publications and experimenting with his theories on the nation instead of genuinely fighting for the country's economic stability.
Tsipras explained how those discussions to stave off bankruptcy became “not just a way to secure improved terms for Greece. They were a test, a monumental opportunity to demonstrate the validity of his theories.”
High-Stakes Negotiations
During rollercoaster negotiations, Greece found itself dangerously close to exiting the single currency area.
At stake was both the country's future but also those harsh austerity measures required in exchange for bailout funds by international creditors.
Failed Alternatives
Efforts to secure financing elsewhere, including an urgent appeal to Russia to purchase Greek government bonds, fell on stony ground.
Assisting Greece was equivalent to tossing cash in the trash-can, the Russian leader is reputed to have informed Tsipras in Moscow.
Referendum and U-Turn
In July 2015, those excoriating bailout terms were subjected to a popular referendum, a move which plunged the EU into further crisis of identity.
Even though the vote was won decisively by those against the cuts, Tsipras had little option but to ignore the result and agree to a rescue deal with creditors that proved to be more severe.
Breaking Point
Tsipras revealed how he started questioning his finance minister quite early on.
“He was the face of negotiation, the man who drew publicity, who graced the front pages of magazines the world over … it seemed he was enjoying his new role.”
When the minister outlined a backup strategy that included establishing a secondary currency and issuing vouchers to pensioners, the leader knew it was game over and asked him: “Is this for real?”
Enduring Criticism
Within the memoir, the author asserts how his former ally had proved himself to be “unsuitable for an agreement demanding intricate and delicate handling.”
He also wrote that Varoufakis's aggressive approach made him more and more alone with colleagues, put Greece at risk, and helped hardliners that were advocating Grexit.
This account of history has been met with fury along with shock among certain groups, while Varoufakis has kept a conspicuous quiet on the matter.
