Within his newly released personal account, titled Ithaki, the former premier Alexis Tsipras spares no criticism as he revisits that turbulent period during Greece's debt drama.
A Controversial Choice
According to Tsipras's recollections, Tsipras appointed the unorthodox academic Varoufakis to be his treasury head primarily because of the latter's worldwide fame along with Varoufakis's highly compelling abilities when it came to communicator.
“He was, truthfully, more of a personality and less of an economic expert,” stated Tsipras.
Conflicting Priorities
Tsipras claims that Varoufakis possessed a personal agenda which included advancing Varoufakis's books as well as experimenting with his own theories on the nation instead of truly advocating the country's financial survival.
Tsipras explained that those negotiations to prevent bankruptcy were “not only a method of achieving a better deal for the country. They became an experiment, a monumental chance to prove the validity of Varoufakis's economic theories.”
High-Stakes Talks
Amid tense negotiations, Greece came perilously close to exiting the eurozone.
On the line was not only Greece's future and the harsh austerity policies required in exchange for financial aid by foreign lenders.
Unsuccessful Alternatives
Efforts to secure funds from other sources, including a desperate appeal to the Kremlin to buy Greek bonds, went unanswered.
Assisting the indebted country would be equivalent to throwing money into the garbage, the Russian leader is reputed to have informed his Greek counterpart in Moscow.
Referendum and U-Turn
In July 2015, the punitive bailout terms were put to a public vote, an action that plunged Europe into a deeper existential crisis.
Even though the referendum was won decisively by voters against the cuts, Tsipras was forced but to reject its outcome then agree to a rescue deal with creditors that turned out to be more severe.
Breaking Point
The ex-PM revealed that he started questioning his finance minister quite early on.
“He was the public image of the talks, the figure who attracted media attention, who appeared on the front pages of magazines the world over … it seemed he was enjoying his new role.”
When Varoufakis proposed a contingency plan involving establishing a parallel currency as well as issuing coupons to retirees, Tsipras said he realised it was game over and asked Varoufakis: “Are you serious?”
Enduring Criticism
In the memoir, Tsipras concludes that Varoufakis demonstrated himself to be “unsuitable for an agreement that required complex and delicate management.”
Tsipras also claimed how Varoufakis's aggressive style left him more and more alone with colleagues, endangered the country, and helped hardliners who were pushing for a Greek exit from the euro.
The account of history has provoked anger and shock among certain groups, while the former minister has so far maintained a deafening silence on the matter.
