Within his recently unveiled memoir, named Ithaki, the former leader Alexis Tsipras does not hold back as he reflects on that chaotic era of Greece's debt drama.
A Controversial Appointment
According to the ex-PM's account, he selected the unorthodox academic Varoufakis to be his treasury head mainly because of the latter's global profile along with his highly compelling skills as a speaker.
“He was, truthfully, more of a celebrity rather than an economic expert,” wrote Tsipras.
Clashing Priorities
Tsipras claims that his finance chief possessed a personal motives that included promoting Varoufakis's books as well as testing out his economic models on the nation instead of truly advocating the country's economic stability.
He noted that the negotiations to avoid bankruptcy were “not only a way of achieving a better deal for Greece. They became an experiment, a monumental chance to prove the truth of his theories.”
Critical Talks
Amid rollercoaster discussions, the country came perilously on the brink of leaving the eurozone.
At stake lay not only the country's destiny and those punishing cutbacks required in exchange for rescue loans by foreign lenders.
Failed Options
Attempts to secure financing from other sources, including a desperate plea to Russia to purchase Greek government bonds, went unanswered.
Assisting Greece was equivalent to throwing money into the garbage, Putin is reputed to have informed Tsipras during their meeting.
Referendum and Reversal
That summer, the excoriating bailout terms were subjected to a public vote, an action which threw the EU into a deeper existential crisis.
Even though the vote was won decisively by those against austerity, Tsipras was forced to ignore the result and negotiate a rescue deal from foreign lenders which proved to be even harsher.
Final Straw
The ex-PM claimed that he started questioning his finance minister relatively soon.
“He 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 was enjoying the spotlight.”
When the minister outlined a contingency plan involving creating a secondary currency and issuing coupons to retirees, Tsipras knew it was game over questioning Varoufakis: “Can you be serious?”
Enduring Criticism
Within the book, the author concludes how Varoufakis demonstrated himself “unfit for an agreement that required complex and sensitive management.”
He also claimed that his aggressive approach left him increasingly isolated with colleagues, put Greece at risk, and assisted hawks who were pushing for Grexit.
The account of events has provoked anger along with stunned disbelief in some quarters, while the former minister has so far kept a conspicuous quiet on the matter.
