In a freshly published personal account, named Ithaki, the ex- leader Alexis Tsipras pulls no punches while he examines that chaotic era during Greece's economic turmoil.
An Unconventional Choice
In Tsipras's account, he appointed that unorthodox academic Varoufakis as the finance minister primarily because of the latter's international reputation along with his very persuasive skills as a communicator.
“He was, in reality, more of a star rather than an economist,” wrote the 51-year-old.
Conflicting Agendas
The former leader claims how his finance chief had a personal motives that included advancing Varoufakis's publications as well as experimenting with his economic models on Greece rather than genuinely advocating its economic stability.
He explained how the negotiations to stave off insolvency became “not just a method of achieving a better deal for the country. They became a test, a monumental opportunity to demonstrate the truth of his ideas.”
Critical Negotiations
Amid volatile negotiations, the country came perilously on the brink of exiting the eurozone.
At stake was not only the country's destiny and those punishing cutbacks required in return for bailout funds by international creditors.
Failed Alternatives
Efforts to secure financing elsewhere, including an urgent plea to Russia to buy Greek bonds, went unanswered.
Helping Greece would be tantamount to tossing cash in the trash-can, Putin reportedly told his Greek counterpart during their meeting.
Public Vote Followed by U-Turn
That summer, the excoriating conditions were subjected to a public vote, an action that threw the EU into further existential crisis.
Even though the vote was won resoundingly by voters who opposed the cuts, the prime minister was forced but to reject its outcome and negotiate a rescue deal with foreign lenders which proved to be more severe.
Breaking Point
Tsipras claimed how he began to doubt his finance minister quite early on.
“Varoufakis was the public image of the talks, the figure who attracted publicity, who graced the front pages of publications the world over … it seemed he was enjoying the spotlight.”
When the minister proposed a backup strategy involving establishing a secondary currency as well as distributing coupons to retirees, Tsipras knew that it was the end questioning him: “Can you be serious?”
Lasting Criticism
In the memoir, Tsipras concludes how Varoufakis demonstrated himself to be “unfit for an agreement demanding intricate and sensitive management.”
Tsipras also wrote that his aggressive approach made him more and more alone among peers, put Greece at risk, and assisted hawks who were advocating a Greek exit from the euro.
The account of history has been met with anger along with stunned disbelief in some quarters, whereas Varoufakis has so far maintained a deafening silence regarding these claims.
