Within his newly released memoir, named Ithaki, the ex- premier Alexis Tsipras pulls no punches while he examines that chaotic period during Greece's debt drama.
An Unconventional Choice
In Tsipras's version, he appointed the unorthodox economist Varoufakis as the treasury head largely because of his worldwide fame and Varoufakis's “extremely attractive” abilities when it came to speaker.
“He was, actually, more of a star rather than an economic expert,” stated the 51-year-old.
Clashing Priorities
Tsipras suggests how his finance chief had a personal motives which included advancing Varoufakis's books and testing out his economic models using the nation rather than truly advocating its financial survival.
Tsipras noted how those talks to prevent bankruptcy became “not just a way to secure a better deal for the country. They became an experiment, an historic opportunity to demonstrate the validity of his theories.”
High-Stakes Talks
Amid volatile discussions, the country came dangerously close to leaving the single currency area.
At stake was not only Greece's future but also those severe austerity policies demanded in exchange for rescue loans by international creditors.
Failed Alternatives
Efforts to secure funds elsewhere, including a desperate appeal to Russia to purchase Greek bonds, went unanswered.
Helping the indebted country was tantamount to throwing money in the trash-can, Putin reportedly told Tsipras in Moscow.
Public Vote Followed by Reversal
In July 2015, those harsh conditions were subjected to a public vote, a move which plunged Europe into further crisis of identity.
Even though the referendum was carried decisively by those who opposed austerity, the prime minister had little option to reject its outcome then negotiate a bailout package from foreign lenders that proved to be even harsher.
Breaking Point
Tsipras revealed that he started questioning his finance minister relatively soon.
“Varoufakis was the public image of negotiation, the man who drew media attention, who graced the front pages of publications the world over … he gave the impression he was enjoying his new role.”
After the minister proposed a backup strategy involving establishing a secondary currency as well as distributing vouchers to retirees, Tsipras said he realised it was the end questioning him: “Are you serious?”
Lasting Criticism
Within the memoir, Tsipras asserts how his former ally had proved himself “unfit for an agreement demanding complex and sensitive management.”
He also claimed how his aggressive approach left him more and more alone with colleagues, put Greece at risk, and helped hawks that were advocating Grexit.
The account of events has provoked fury and stunned disbelief in some quarters, whereas Varoufakis has so far kept a deafening silence on the matter.
