Within his recently unveiled personal account, named Ithaki, the former premier Alexis Tsipras pulls no punches while he revisits that turbulent period of Greece's financial crisis.
An Unconventional Appointment
As per Tsipras's recollections, he selected that unorthodox economist Varoufakis to be the finance minister primarily due to the latter's worldwide fame along with Varoufakis's very persuasive skills as a speaker.
“He was, in reality, more like a star and less of an economic expert,” wrote Tsipras.
Conflicting Agendas
The former leader claims that Varoufakis possessed a personal agenda that included promoting his publications as well as experimenting with his own theories on Greece instead of truly fighting for the country's economic stability.
Tsipras explained how those talks to avoid insolvency were “not only a way of achieving a better deal for the country. They were a test, a monumental chance to prove the truth of Varoufakis's economic theories.”
Critical Talks
Amid rollercoaster negotiations, Greece came perilously close to exiting the single currency area.
At stake was not only the country's future and those severe austerity measures demanded in exchange for bailout funds by foreign lenders.
Unsuccessful Alternatives
Efforts to find funds elsewhere, including a desperate appeal to Russia to purchase Greek government bonds, fell on stony ground.
Helping Greece would be tantamount to tossing cash in the trash-can, Putin is reputed to have told his Greek counterpart during their meeting.
Referendum Followed by U-Turn
That summer, the excoriating conditions were subjected to a popular referendum, an action which threw the EU into further crisis of identity.
Even though the referendum was carried decisively by voters against the cuts, the prime minister had little option to reject its outcome then negotiate a bailout package from foreign lenders that proved to be even harsher.
Breaking Point
Tsipras revealed that he began to doubt his finance minister quite early on.
“He was the face of negotiation, the figure who attracted media attention, who appeared on the covers of publications the world over … he gave the impression he was enjoying his new role.”
After Varoufakis outlined a contingency plan that included establishing a secondary currency and distributing vouchers to pensioners, the leader knew it was game over and asked him: “Is this for real?”
Enduring Criticism
In the memoir, the author concludes that his former ally had proved himself to be “unfit for a deal demanding complex and delicate management.”
Tsipras further wrote how his aggressive style left him increasingly isolated among peers, endangered the country, while assisted hawks who were pushing for a Greek exit from the euro.
The account of history has provoked fury and stunned disbelief among certain groups, while the former minister has so far maintained a deafening silence on the matter.
