Within his newly released memoir, titled Ithaki, the former premier Alexis Tsipras does not hold back while he revisits the turbulent period of Greece's financial crisis.
A Controversial Appointment
In Tsipras's account, Tsipras chose that maverick economist Varoufakis as the finance minister mainly because of the latter's international reputation and his “extremely attractive” abilities when it came to speaker.
“He was, truthfully, more like a star and less of an economist,” recalled the 51-year-old.
Clashing Agendas
The former leader suggests how his finance chief had a personal motives which included advancing his books and testing out his economic models using the nation instead of genuinely fighting for the country's financial survival.
Tsipras explained how those negotiations to avoid bankruptcy became “not just a method of achieving improved terms for Greece. They were a test, a monumental chance to demonstrate the truth of Varoufakis's theories.”
High-Stakes Negotiations
During rollercoaster negotiations, the country found itself perilously close to leaving the eurozone.
At stake lay both the country's destiny but also the punishing austerity policies demanded in exchange for financial aid from foreign lenders.
Unsuccessful Options
Efforts to find funds elsewhere, such as an urgent appeal to Russia to purchase Greek bonds, were rejected.
Helping the indebted country would be tantamount to throwing money into the garbage, the Russian leader reportedly informed Tsipras during their meeting.
Public Vote Followed by Reversal
In July 2015, the excoriating conditions were put to a popular referendum, a move which threw Europe into a further crisis of identity.
Even though the vote was carried resoundingly by those who opposed austerity, the prime minister was forced but to reject its outcome and agree to a bailout package with foreign lenders which proved to be tougher.
Breaking Point
The ex-PM claimed how he started questioning Varoufakis relatively soon.
“Varoufakis was the public image of negotiation, the man who drew publicity, 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 distributing vouchers to pensioners, Tsipras knew it was game over questioning Varoufakis: “Is this for real?”
Lasting Rebuke
Within the book, the author asserts how Varoufakis demonstrated himself to be “unsuitable for a deal that required complex and sensitive management.”
He further claimed that Varoufakis's confrontational style made him increasingly isolated with colleagues, endangered the country, while helped hawks who were pushing for a Greek exit from the euro.
The retelling of events has been met with anger along with stunned disbelief in some quarters, while the former minister has kept a conspicuous quiet regarding these claims.
