Within his freshly published memoir, called Ithaki, the former premier Alexis Tsipras pulls no punches while he revisits the turbulent era during Greece's debt drama.
An Unconventional Appointment
As per Tsipras's recollections, Tsipras appointed that unorthodox economist Varoufakis to be his finance minister mainly due to his international reputation along with his very persuasive abilities as a communicator.
“In reality, he was, truthfully, more like a celebrity rather than an economist,” stated the 51-year-old.
Conflicting Priorities
The former leader claims how Varoufakis had his own agenda which included promoting Varoufakis's books and testing out his own economic models on the nation rather than genuinely advocating the country's economic stability.
He explained that the discussions to prevent bankruptcy became “not just a way of achieving a better deal for the country. They were an experiment, an historic chance to demonstrate the validity of his ideas.”
High-Stakes Negotiations
During tense negotiations, Greece found itself perilously on the brink of leaving the eurozone.
At stake lay not only Greece's destiny and the punishing cutbacks required in return for rescue loans from foreign lenders.
Unsuccessful Alternatives
Attempts to secure funds from other sources, including an urgent appeal to the Kremlin to buy Greek government bonds, were rejected.
Helping Greece was equivalent to throwing money into the garbage, Putin is reputed to have informed Tsipras during their meeting.
Referendum and Reversal
In July 2015, the excoriating conditions were put to a popular referendum, a move that plunged Europe into a deeper existential crisis.
Even though the referendum was carried resoundingly by those who opposed austerity, Tsipras was forced but to reject its outcome and negotiate a bailout package with foreign lenders that turned out to be more severe.
Final Straw
The ex-PM revealed how he began to doubt his finance minister relatively soon.
“Varoufakis was the public image of negotiation, the figure who drew publicity, who graced the covers of publications the world over … he gave the impression he relished the spotlight.”
After the minister proposed a backup strategy involving creating a secondary currency and issuing coupons to retirees, Tsipras said he realised that it was game over questioning him: “Are you serious?”
Lasting Rebuke
Within the memoir, the author concludes that his former ally demonstrated himself to be “unsuitable for an agreement that required complex and sensitive management.”
Tsipras further wrote how his confrontational style made him increasingly isolated with colleagues, put Greece at risk, while assisted hawks who were advocating Grexit.
The account of history has been met with fury and stunned disbelief in some quarters, whereas Varoufakis has so far kept a conspicuous quiet on the matter.
