In a recently unveiled memoir, named Ithaki, the former prime minister Alexis Tsipras does not hold back as he revisits that chaotic era of Greece's economic turmoil.
An Unconventional Choice
According to the ex-PM's account, Tsipras chose the unorthodox academic Varoufakis as his finance minister largely because of his international reputation along with Varoufakis's highly compelling abilities as a public orator.
“He was, actually, more of a personality rather than an economic expert,” stated the 51-year-old.
Clashing Priorities
Tsipras claims how Varoufakis possessed his own agenda that included advancing Varoufakis's books as well as experimenting with his game theories using Greece instead of truly fighting for its economic stability.
He noted how those talks to prevent insolvency became “not just a method of achieving a better deal for the country. They became an experiment, a monumental chance to prove the validity of Varoufakis's theories.”
Critical Negotiations
Amid volatile negotiations, Greece came dangerously close to exiting the eurozone.
At stake was not only the country's destiny and those harsh austerity measures required in return for bailout funds by foreign lenders.
Failed Alternatives
Efforts to secure financing elsewhere, including an urgent plea to the Kremlin to purchase Greek bonds, went unanswered.
Assisting the indebted country would be equivalent to tossing cash in the trash-can, the Russian leader is reputed to have informed his Greek counterpart in Moscow.
Referendum Followed by U-Turn
That summer, the harsh bailout terms were put to a popular referendum, an action that plunged the EU into further crisis of identity.
Even though the vote was carried resoundingly by those against austerity, the prime minister had little option but to reject its outcome and negotiate a rescue deal with creditors which proved to be even harsher.
Final Straw
The ex-PM claimed that he started questioning his finance minister relatively soon.
“He was the face of negotiation, the figure who attracted publicity, who appeared on the front pages of magazines the world over … it seemed he was enjoying the spotlight.”
When Varoufakis outlined a backup strategy involving creating a parallel currency and issuing coupons to retirees, Tsipras knew that it was the end questioning him: “Can you be serious?”
Lasting Rebuke
Within the memoir, Tsipras concludes that Varoufakis had proved himself to be “unsuitable for a deal that required complex and sensitive management.”
He also wrote that his confrontational approach made him more and more alone with colleagues, endangered the country, and helped hawks that were pushing for a Greek exit from the euro.
This retelling of history has provoked anger along with stunned disbelief among certain groups, while Varoufakis has so far maintained a conspicuous quiet regarding these claims.
