In a recently unveiled memoir, called Ithaki, the ex- leader Alexis Tsipras spares no criticism as he reflects on the turbulent era during Greece's debt drama.
An Unconventional Choice
As per the ex-PM's version, he selected that maverick academic Varoufakis as his finance minister mainly due to his international reputation along with his “extremely attractive” skills as a speaker.
“In reality, he was, truthfully, more like a star rather than an economist,” stated the 51-year-old.
Clashing Agendas
Tsipras suggests that his finance chief had his own motives which involved advancing Varoufakis's publications and testing out his own economic models using the nation rather than truly advocating its financial survival.
Tsipras explained how those discussions to prevent insolvency became “not just a method to secure a better deal for Greece. They were a test, an historic chance to demonstrate the truth of his economic theories.”
High-Stakes Negotiations
During tense discussions, the country came perilously on the brink of exiting the eurozone.
On the line lay not only Greece's destiny but also those punishing austerity policies demanded in exchange for financial aid by foreign lenders.
Unsuccessful Alternatives
Efforts to secure funds elsewhere, including a desperate plea to Russia to buy Greek government bonds, fell on stony ground.
Helping Greece was equivalent to throwing money in the trash-can, Putin reportedly told his Greek counterpart during their meeting.
Referendum Followed by Reversal
In July 2015, those excoriating bailout terms were subjected to a popular referendum, a move which threw Europe into a further existential crisis.
Even though the referendum was carried decisively by voters against austerity, Tsipras was forced but to ignore the result and negotiate a bailout package from foreign lenders that turned out to be tougher.
Final Straw
The ex-PM revealed how he began to doubt Varoufakis quite early on.
“Varoufakis was the face of negotiation, the figure who attracted media attention, who appeared on the front pages of publications globally … it seemed he was enjoying his new role.”
After the minister outlined a backup strategy that included establishing a parallel currency and distributing vouchers to pensioners, Tsipras knew it was the end and asked Varoufakis: “Can you be serious?”
Enduring Criticism
In the book, the author asserts that his former ally demonstrated himself to be “unfit for a deal that required complex and sensitive handling.”
Tsipras further wrote that Varoufakis's confrontational style made him more and more alone with colleagues, endangered the country, and assisted hawks that were advocating Grexit.
The retelling of history has been met with anger along with shock in some quarters, whereas the former minister has so far kept a conspicuous quiet on the matter.
