In a freshly published personal account, titled Ithaki, the ex- prime minister Alexis Tsipras does not hold back while he revisits that chaotic period of Greece's economic turmoil.
An Unconventional Appointment
As per Tsipras's recollections, Tsipras selected the maverick economist Varoufakis as his finance minister primarily due to his global profile and his highly compelling skills when it came to speaker.
“In reality, he was, truthfully, more like a personality rather than an economic expert,” stated Tsipras.
Clashing Priorities
The former leader alleges that Varoufakis had his own agenda that included advancing Varoufakis's publications and testing out his economic models on Greece instead of truly advocating its economic stability.
Tsipras explained that those discussions to stave off bankruptcy became “not only a way to secure improved terms for the country. They were an experiment, a monumental opportunity to demonstrate the truth of his economic theories.”
Critical Negotiations
During tense negotiations, Greece found itself perilously close to exiting the single currency area.
On the line lay not only the country's future but also those harsh austerity measures demanded in return for rescue loans by foreign lenders.
Unsuccessful Options
Efforts to find funds elsewhere, including a desperate plea to Russia to buy Greek bonds, fell on stony ground.
Assisting the indebted country was tantamount to tossing cash in the trash-can, Putin reportedly informed Tsipras during their meeting.
Referendum Followed by U-Turn
In July 2015, the excoriating conditions were subjected to a popular referendum, a move that threw the EU into further existential crisis.
Even though the referendum was won resoundingly by those against austerity, the prime minister had little option to ignore the result then agree to a rescue deal with creditors which turned out to be tougher.
Breaking Point
Tsipras revealed how he started questioning Varoufakis relatively soon.
“Varoufakis was the face of the talks, the man who attracted publicity, who appeared on the front pages of magazines the world over … he gave the impression he relished the spotlight.”
When the minister proposed a backup strategy that included establishing a secondary currency as well as issuing coupons to pensioners, the leader said he realised it was game over and asked him: “Is this for real?”
Lasting Rebuke
Within the memoir, Tsipras concludes that Varoufakis demonstrated himself “unfit for an agreement that required complex and delicate management.”
Tsipras also wrote that his confrontational approach left him more and more alone with colleagues, put Greece at risk, and helped hardliners that were pushing for Grexit.
This retelling of history has provoked anger along with stunned disbelief among certain groups, while the former minister has so far kept a deafening silence regarding these claims.
