In a freshly published memoir, called Ithaki, the ex- premier Alexis Tsipras pulls no punches while he revisits that chaotic period of Greece's financial crisis.
A Controversial Appointment
As per Tsipras's version, Tsipras chose the unorthodox academic Varoufakis as the treasury head mainly because of the latter's worldwide fame along with his “extremely attractive” abilities when it came to public orator.
“He was, in reality, more like a personality and less of an economist,” recalled the 51-year-old.
Conflicting Priorities
The former leader suggests how Varoufakis possessed a personal agenda that included promoting his books and experimenting with his economic models using the nation rather than truly fighting for its economic stability.
He noted that those negotiations to avoid insolvency were “not only a way to secure a better deal for the country. They were an experiment, a monumental opportunity to prove the truth of his theories.”
High-Stakes Talks
During tense negotiations, Greece found itself perilously on the brink of exiting the single currency area.
On the line lay not only the country's destiny but also those harsh austerity policies demanded in exchange for bailout funds from foreign lenders.
Unsuccessful Options
Attempts to find funds from other sources, such as a desperate plea to the Kremlin to buy Greek government bonds, fell on stony ground.
Assisting Greece was equivalent to tossing cash in the trash-can, Putin reportedly informed his Greek counterpart during their meeting.
Referendum Followed by U-Turn
That summer, the punitive bailout terms were put to a popular referendum, a move that threw Europe into further crisis of identity.
Although the referendum was won decisively by voters against austerity, the prime minister had little option to ignore the result then negotiate a bailout package from creditors which proved to be even harsher.
Final Straw
The ex-PM revealed that he began to doubt his finance minister relatively soon.
“He was the face of negotiation, the man who attracted publicity, who graced the covers of publications the world over … he gave the impression he was enjoying his new role.”
After Varoufakis proposed a backup strategy that included creating a secondary currency and distributing coupons to pensioners, Tsipras knew that it was game over and asked him: “Are you serious?”
Enduring Criticism
Within the book, the author concludes that Varoufakis demonstrated himself “unfit for an agreement that required intricate and delicate management.”
Tsipras also claimed that his confrontational style made him more and more alone among peers, put Greece at risk, while assisted hawks that were advocating Grexit.
This account of events has provoked anger and shock among certain groups, while the former minister has kept a deafening silence on the matter.
