Within his freshly published personal account, titled Ithaki, the ex- leader Alexis Tsipras does not hold back as he examines the chaotic era of Greece's debt drama.
An Unconventional Appointment
As per the ex-PM's recollections, Tsipras chose that maverick academic Varoufakis to be the treasury head largely because of the latter's global profile along with his very persuasive abilities as a speaker.
“He was, truthfully, more like a celebrity rather than an economist,” wrote the 51-year-old.
Clashing Priorities
The former leader claims how Varoufakis possessed his own motives which included promoting his publications and testing out his game theories on Greece rather than truly fighting for its financial survival.
Tsipras explained how those discussions to avoid bankruptcy were “not just a method to secure a better deal for the country. They became an experiment, a monumental chance to demonstrate the validity of his economic theories.”
High-Stakes Negotiations
During volatile discussions, the country came perilously on the brink of leaving the single currency area.
At stake lay not only Greece's destiny but also the harsh cutbacks required in return for rescue loans from foreign lenders.
Failed Options
Attempts to secure funds elsewhere, such as an urgent appeal to the Kremlin to purchase Greek government bonds, went unanswered.
Helping Greece was tantamount to throwing money into the garbage, Putin reportedly informed his Greek counterpart in Moscow.
Referendum and Reversal
That summer, those excoriating conditions were subjected to a public vote, an action which threw the EU into a further crisis of identity.
Even though the referendum was carried decisively by voters who opposed austerity, Tsipras had little option but to ignore the result then agree to a bailout package from creditors which proved to be tougher.
Final Straw
Tsipras revealed how he started questioning his finance minister relatively soon.
“Varoufakis was the public image of negotiation, the man who attracted publicity, who graced the front pages of magazines globally … he gave the impression he was enjoying his new role.”
When the minister proposed a backup strategy that included creating a parallel currency as well as distributing coupons to retirees, the leader knew that it was game over questioning Varoufakis: “Is this for real?”
Lasting Criticism
Within the memoir, Tsipras concludes that Varoufakis demonstrated himself “unsuitable for an agreement that required intricate and sensitive handling.”
He also claimed how Varoufakis's confrontational approach left him increasingly isolated among peers, endangered the country, while helped hardliners who were pushing for a Greek exit from the euro.
This account of history has been met with fury and stunned disbelief in some quarters, whereas the former minister has kept a conspicuous quiet regarding these claims.
