Within his recently unveiled personal account, called Ithaki, the ex- leader Alexis Tsipras pulls no punches as he reflects on the turbulent era during Greece's economic turmoil.
A Controversial Choice
In the ex-PM's version, Tsipras appointed that maverick academic Varoufakis as the finance minister mainly because of the latter's global profile and his highly compelling skills when it came to speaker.
“He was, in reality, more like a star and less of an economic expert,” recalled Tsipras.
Conflicting Priorities
Tsipras suggests how Varoufakis possessed a personal motives that included promoting Varoufakis's books as well as testing out his own economic models on the nation instead of genuinely advocating the country's economic stability.
He wrote how those talks to avoid insolvency were “not just a way to secure improved terms for the country. They were an experiment, a monumental chance to demonstrate the validity of Varoufakis's ideas.”
High-Stakes Negotiations
Amid tense negotiations, Greece came perilously on the brink of exiting the eurozone.
On the line lay both Greece's future and those harsh cutbacks demanded in exchange for rescue loans by foreign lenders.
Unsuccessful Options
Attempts to find funds elsewhere, including a desperate plea to Russia to purchase Greek bonds, were rejected.
Assisting the indebted country would be equivalent to tossing cash into the garbage, the Russian leader is reputed to have told Tsipras during their meeting.
Referendum and U-Turn
In July 2015, those punitive conditions were put to a popular referendum, a move that threw Europe into deeper crisis of identity.
Even though the vote was won decisively by voters against austerity, the prime minister was forced to ignore the result and negotiate a rescue deal from foreign lenders that turned out to be even harsher.
Breaking Point
The ex-PM revealed that he started questioning his finance minister relatively soon.
“He was the face of the talks, the figure who drew publicity, who graced the covers of publications globally … he gave the impression he relished the spotlight.”
After the minister outlined a backup strategy involving creating a secondary currency and distributing coupons to retirees, Tsipras knew it was game over and asked him: “Are you serious?”
Enduring Criticism
In the memoir, the author concludes how his former ally demonstrated himself “unsuitable for an agreement demanding complex and sensitive handling.”
He further claimed that his confrontational style left him increasingly isolated with colleagues, put Greece at risk, and helped hardliners that were advocating a Greek exit from the euro.
This account of history has been met with anger along with stunned disbelief in some quarters, while the former minister has so far maintained a deafening silence on the matter.
