Within his newly released memoir, called Ithaki, the former leader Alexis Tsipras spares no criticism as he revisits that turbulent era during Greece's financial crisis.
A Controversial Appointment
As per Tsipras's recollections, he chose that maverick academic Varoufakis as his finance minister mainly because of his global profile and his highly compelling abilities when it came to speaker.
“He was, truthfully, more like a star and less of an economic expert,” recalled Tsipras.
Conflicting Agendas
The former leader alleges how his finance chief possessed his own motives which involved advancing his publications and testing out his own theories using Greece instead of truly advocating the country's financial survival.
Tsipras wrote that the talks to avoid bankruptcy were “not just a way of achieving improved terms for Greece. They were a test, an historic opportunity to demonstrate the validity of his economic theories.”
Critical Talks
During volatile discussions, the country came perilously close to exiting the single currency area.
At stake lay both the country's future but also the punishing austerity measures demanded in return for rescue loans from international creditors.
Failed Options
Attempts to find funds from other sources, including an urgent appeal to Russia to purchase Greek government bonds, were rejected.
Assisting Greece was equivalent to throwing money into the garbage, the Russian leader reportedly informed Tsipras in Moscow.
Referendum and U-Turn
In July 2015, the harsh bailout terms were subjected to a public vote, an action which threw Europe into further existential crisis.
Even though the vote was carried resoundingly by voters who opposed the cuts, the prime minister was forced to reject its outcome then agree to a rescue deal from creditors that proved to be even harsher.
Final Straw
The ex-PM claimed how he began to doubt his finance minister relatively soon.
“Varoufakis was the face of negotiation, the figure who attracted publicity, who graced the front pages of magazines globally … it seemed he was enjoying his new role.”
After the minister proposed a backup strategy involving creating a parallel currency and distributing coupons to retirees, Tsipras knew it was the end and asked him: “Is this for real?”
Enduring Rebuke
Within the book, the author asserts how his former ally demonstrated himself to be “unsuitable for a deal that required complex and sensitive handling.”
He also claimed how Varoufakis's aggressive approach made him increasingly isolated with colleagues, endangered the country, and helped hawks that were advocating a Greek exit from the euro.
The retelling of events has been met with fury along with stunned disbelief in some quarters, whereas the former minister has so far maintained a conspicuous quiet on the matter.
