Within his newly released memoir, titled Ithaki, the former premier Alexis Tsipras does not hold back while he examines that turbulent period during Greece's financial crisis.
A Controversial Appointment
According to Tsipras's account, Tsipras chose the maverick economist Varoufakis as the treasury head mainly due to the latter's worldwide fame along with his very persuasive skills when it came to communicator.
“In reality, he was, actually, more like a star rather than an economic expert,” wrote Tsipras.
Conflicting Priorities
The former leader alleges that Varoufakis possessed his own agenda which included promoting Varoufakis's books as well as testing out his economic models using Greece rather than genuinely fighting for the country's financial survival.
He wrote that those discussions to avoid insolvency became “not only a method of achieving a better deal for Greece. They became an experiment, an historic opportunity to prove the validity of his theories.”
High-Stakes Talks
Amid rollercoaster negotiations, the country found itself dangerously on the brink of exiting the single currency area.
At stake lay not only Greece's destiny and those punishing austerity measures required in return for financial aid from foreign lenders.
Unsuccessful Options
Efforts to secure financing from other sources, such as a desperate appeal to Russia to purchase Greek government bonds, fell on stony ground.
Assisting Greece was tantamount to throwing money in the trash-can, Putin reportedly informed Tsipras in Moscow.
Referendum Followed by Reversal
In July 2015, those harsh bailout terms were put to a public vote, a move that threw the EU into further crisis of identity.
Even though the referendum was carried resoundingly by voters who opposed the cuts, Tsipras had little option but to reject its outcome and agree to a bailout package with creditors that turned out to be even harsher.
Final Straw
The ex-PM claimed how he started questioning Varoufakis quite early on.
“Varoufakis was the face of the talks, the man who drew publicity, who graced the front pages of magazines the world over … it seemed he was enjoying his new role.”
When Varoufakis proposed a backup strategy that included creating a parallel currency as well as issuing vouchers to pensioners, the leader knew that it was game over questioning him: “Are you serious?”
Enduring Rebuke
Within the memoir, the author concludes how Varoufakis had proved himself to be “unfit for a deal demanding complex and sensitive management.”
He further wrote that Varoufakis's aggressive approach left him more and more alone among peers, put Greece at risk, while helped hawks that were advocating Grexit.
This retelling of events has provoked fury along with stunned disbelief in some quarters, whereas the former minister has so far kept a conspicuous quiet on the matter.
