Within his newly released memoir, named Ithaki, the ex- leader Alexis Tsipras does not hold back while he reflects on that chaotic period during Greece's debt drama.
An Unconventional Choice
As per Tsipras's account, Tsipras selected the unorthodox academic Varoufakis as the treasury head primarily due to the latter's global profile and his “extremely attractive” skills when it came to communicator.
“In reality, he was, actually, more like a celebrity and less of an economic expert,” wrote the 51-year-old.
Conflicting Agendas
Tsipras alleges that his finance chief had a personal motives which included advancing Varoufakis's publications and experimenting with his own economic models on the nation rather than genuinely advocating its economic stability.
Tsipras explained that those discussions to prevent insolvency were “not just a way to secure improved terms for the country. They were an experiment, an historic chance to prove the validity of Varoufakis's theories.”
High-Stakes Talks
During tense negotiations, the country came perilously on the brink of exiting the single currency area.
On the line was not only Greece's future and those severe austerity policies required in return for bailout funds from foreign lenders.
Failed Options
Efforts to find financing from other sources, such as an urgent appeal to Russia to purchase Greek government bonds, were rejected.
Assisting Greece would be tantamount to throwing money in the trash-can, Putin reportedly told Tsipras in Moscow.
Public Vote and U-Turn
In July 2015, those punitive bailout terms were put to a popular referendum, a move which plunged Europe into a further crisis of identity.
Although the referendum was won resoundingly by those who opposed the cuts, Tsipras had little option to ignore the result and agree to a bailout package with foreign lenders that proved to be tougher.
Final Straw
Tsipras claimed how he started questioning his finance minister relatively soon.
“Varoufakis was the face of negotiation, the figure who attracted media attention, who appeared on the covers of magazines the world over … he gave the impression he was enjoying the spotlight.”
When Varoufakis proposed a contingency plan involving creating a parallel currency as well as issuing vouchers to pensioners, Tsipras knew that it was game over and asked him: “Can you be serious?”
Enduring Rebuke
In the book, the author asserts how Varoufakis had proved himself “unsuitable for an agreement that required intricate and sensitive handling.”
Tsipras also wrote how Varoufakis's aggressive approach made him more and more alone among peers, put Greece at risk, and helped hardliners that were advocating a Greek exit from the euro.
The retelling of events has provoked anger along with shock in some quarters, while the former minister has maintained a conspicuous quiet regarding these claims.
