In a freshly published memoir, named Ithaki, the ex- premier Alexis Tsipras does not hold back while he revisits the chaotic period during Greece's financial crisis.
An Unconventional Choice
As per the ex-PM's recollections, Tsipras appointed the unorthodox academic Varoufakis as his finance minister primarily due to his international reputation along with Varoufakis's “extremely attractive” skills as a public orator.
“In reality, he was, truthfully, more like a celebrity rather than an economic expert,” recalled the 51-year-old.
Conflicting Agendas
Tsipras claims that Varoufakis possessed his own agenda which involved advancing Varoufakis's publications as well as experimenting with his own economic models using the nation instead of truly fighting for the country's financial survival.
Tsipras noted how those negotiations to stave off insolvency became “not only a method of achieving improved terms for the country. They became a test, an historic opportunity to prove the validity of his theories.”
Critical Talks
During rollercoaster negotiations, Greece found itself dangerously close to leaving the eurozone.
At stake was not only the country's destiny but also those harsh cutbacks demanded in exchange for bailout funds by foreign lenders.
Failed Options
Efforts to secure funds from other sources, such as an urgent appeal to Russia to purchase Greek bonds, went unanswered.
Helping the indebted country would be equivalent to throwing money in the trash-can, Putin is reputed to have told Tsipras during their meeting.
Referendum Followed by U-Turn
In July 2015, the punitive bailout terms were subjected to a popular referendum, an action which plunged the EU into deeper crisis of identity.
Even though the vote was carried decisively by voters who opposed the cuts, Tsipras had little option but to reject its outcome then agree to a rescue deal with creditors that turned out to be more severe.
Final Straw
The ex-PM claimed how he started questioning his finance minister quite early on.
“He was the public image of negotiation, the figure who drew media attention, who appeared on the covers of publications the world over … it seemed he was enjoying the spotlight.”
When Varoufakis proposed a backup strategy involving establishing a secondary currency and issuing coupons to pensioners, the leader said he realised it was the end and asked him: “Is this for real?”
Lasting Rebuke
Within the memoir, Tsipras asserts that Varoufakis had proved himself to be “unsuitable for an agreement demanding intricate and sensitive management.”
He further claimed that Varoufakis's aggressive approach made him more and more alone among peers, put Greece at risk, while helped hardliners who were advocating Grexit.
This account of events has been met with fury and shock in some quarters, whereas Varoufakis has so far maintained a deafening silence on the matter.
