In a recently unveiled personal account, titled Ithaki, the ex- premier Alexis Tsipras does not hold back while he revisits the chaotic period during Greece's financial crisis.
A Controversial Appointment
In Tsipras's account, he selected that maverick economist Varoufakis to be the treasury head primarily due to the latter's worldwide fame and his highly compelling abilities when it came to public orator.
“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 possessed his own motives that included advancing Varoufakis's books and experimenting with his theories using the nation instead of genuinely fighting for the country's financial survival.
Tsipras wrote that the negotiations to avoid bankruptcy became “not just a way of achieving improved terms for Greece. They became an experiment, an historic chance to demonstrate the validity of Varoufakis's theories.”
High-Stakes Negotiations
During rollercoaster discussions, Greece came dangerously close to leaving the single currency area.
At stake lay not only the country's future and those severe austerity policies demanded in exchange for bailout funds from foreign lenders.
Unsuccessful Options
Efforts to secure funds from other sources, including an urgent plea to Russia to buy Greek bonds, fell on stony ground.
Helping Greece was tantamount to throwing money into the garbage, Putin is reputed to have told his Greek counterpart in Moscow.
Referendum Followed by U-Turn
In July 2015, the harsh bailout terms were subjected to a public vote, a move that threw the EU into deeper existential crisis.
Even though the referendum was carried resoundingly by voters against austerity, the prime minister was forced but to reject its outcome then agree to a bailout package with foreign lenders that proved to be tougher.
Final Straw
The ex-PM claimed how he began to doubt his finance minister relatively soon.
“Varoufakis was the public image of negotiation, the figure who attracted media attention, who graced the front pages of magazines globally … it seemed he was enjoying the spotlight.”
After Varoufakis outlined a contingency plan involving establishing a secondary currency as well as distributing coupons to pensioners, the leader knew that it was the end and asked him: “Is this for real?”
Lasting Criticism
Within the memoir, Tsipras asserts that his former ally had proved himself “unsuitable for an agreement that required complex and delicate management.”
He further claimed that his aggressive style made him increasingly isolated among peers, endangered the country, and assisted hardliners that were pushing for a Greek exit from the euro.
The account of events has been met with anger along with shock among certain groups, while the former minister has maintained a deafening silence on the matter.
