Within his newly released personal account, titled Ithaki, the ex- premier Alexis Tsipras does not hold back as he revisits that turbulent era during Greece's economic turmoil.
An Unconventional Appointment
As per Tsipras's recollections, he selected that maverick economist Varoufakis to be his finance minister primarily due to the latter's worldwide fame and his “extremely attractive” abilities as a speaker.
“In reality, he was, truthfully, more like a personality and less of an economic expert,” stated Tsipras.
Clashing Priorities
Tsipras alleges how Varoufakis possessed his own motives which included advancing his publications as well as testing out his theories using Greece rather than truly advocating the country's financial survival.
He wrote that the talks to prevent insolvency were “not only a way of achieving a better deal for the country. They became an experiment, an historic chance to prove the validity of his economic theories.”
High-Stakes Talks
Amid tense negotiations, the country found itself perilously close to exiting the eurozone.
On the line was not only Greece's destiny but also the harsh austerity measures demanded in return for financial aid by international creditors.
Failed Options
Efforts to find financing from other sources, such as an urgent plea to Russia to buy Greek bonds, went unanswered.
Assisting Greece would be tantamount to tossing cash into the garbage, Putin is reputed to have informed Tsipras during their meeting.
Referendum and Reversal
In July 2015, those harsh bailout terms were put to a popular referendum, a move that threw the EU into further crisis of identity.
Even though the vote was won resoundingly by those who opposed austerity, Tsipras was forced to reject its outcome and agree to a bailout package with foreign lenders that turned out to be more severe.
Final Straw
Tsipras revealed how he started questioning his finance minister relatively soon.
“Varoufakis was the face of negotiation, the man who drew media attention, who appeared on the front pages of magazines globally … it seemed he was enjoying his new role.”
When Varoufakis outlined a backup strategy involving creating a parallel currency as well as issuing vouchers to pensioners, the leader said he realised that it was the end questioning Varoufakis: “Are you serious?”
Lasting Rebuke
In the memoir, Tsipras concludes that Varoufakis had proved himself “unfit for a deal demanding intricate and sensitive management.”
Tsipras also claimed that his aggressive approach made him more and more alone among peers, endangered the country, while assisted hardliners who were pushing for a Greek exit from the euro.
The account of history has provoked anger along with stunned disbelief among certain groups, whereas the former minister has so far kept a deafening silence on the matter.
