Within his freshly published personal account, called Ithaki, the ex- premier Alexis Tsipras does not hold back while he reflects on the turbulent era of Greece's financial crisis.
An Unconventional Choice
According to the ex-PM's recollections, Tsipras selected that unorthodox economist Varoufakis to be his finance minister mainly because of his global profile and his highly compelling skills as a public orator.
“He was, truthfully, more like a personality rather than an economist,” stated the 51-year-old.
Clashing Priorities
Tsipras alleges that Varoufakis possessed a personal motives which included promoting Varoufakis's books and testing out his own theories using the nation instead of genuinely advocating its economic stability.
He explained that the talks to stave off insolvency became “not just a way to secure a better deal for the country. They became an experiment, a monumental opportunity to prove the validity of his theories.”
High-Stakes Negotiations
Amid volatile discussions, the country came dangerously on the brink of leaving the eurozone.
On the line lay not only Greece's future but also those severe austerity policies demanded in exchange for rescue loans by international creditors.
Failed Alternatives
Attempts to find funds from other sources, including a desperate plea to the Kremlin to buy Greek bonds, fell on stony ground.
Helping the indebted country was equivalent to throwing money into the garbage, Putin is reputed to have told his Greek counterpart during their meeting.
Referendum Followed by U-Turn
That summer, those punitive bailout terms were subjected to a public vote, an action which plunged Europe into a deeper existential crisis.
Even though the referendum was carried decisively by voters who opposed austerity, the prime minister was forced but to reject its outcome then negotiate a rescue deal from creditors that proved to be even harsher.
Breaking Point
The ex-PM revealed how he began to doubt Varoufakis relatively soon.
“He was the public image of the talks, the figure who drew publicity, who graced the front pages of publications globally … he gave the impression he was enjoying the spotlight.”
When Varoufakis proposed a contingency plan involving establishing a secondary currency as well as distributing vouchers to retirees, Tsipras said he realised it was game over and asked him: “Are you serious?”
Lasting Criticism
Within the memoir, Tsipras concludes that Varoufakis had proved himself “unfit for a deal that required complex and delicate management.”
He further wrote that his confrontational approach left him increasingly isolated among peers, endangered the country, and assisted hardliners that were pushing for a Greek exit from the euro.
This retelling of history has been met with anger along with stunned disbelief in some quarters, while Varoufakis has maintained a deafening silence regarding these claims.
