Within his freshly published memoir, titled Ithaki, the ex- leader Alexis Tsipras does not hold back while he examines the chaotic period of Greece's economic turmoil.
An Unconventional Choice
As per the ex-PM's account, he selected the unorthodox academic Varoufakis to be his treasury head largely due to his global profile and his highly compelling skills as a speaker.
“In reality, he was, in reality, more of a personality rather than an economic expert,” stated Tsipras.
Conflicting Priorities
The former leader suggests how Varoufakis possessed a personal motives that involved promoting Varoufakis's books and experimenting with his own economic models using Greece instead of truly fighting for its financial survival.
Tsipras explained that the negotiations to stave off insolvency became “not only a method of achieving a better deal for Greece. They became an experiment, a monumental opportunity to demonstrate the validity of Varoufakis's ideas.”
Critical Negotiations
During tense negotiations, the country came perilously close to leaving the eurozone.
On the line was both the country's future and those punishing cutbacks demanded in exchange for bailout funds from foreign lenders.
Failed Alternatives
Attempts to find financing from other sources, such as an urgent appeal to Russia to purchase Greek bonds, fell on stony ground.
Helping Greece would be equivalent to tossing cash in the trash-can, the Russian leader reportedly told his Greek counterpart during their meeting.
Referendum and U-Turn
That summer, those harsh conditions were put to a popular referendum, an action which plunged the EU into deeper crisis of identity.
Although the referendum was carried resoundingly by voters who opposed austerity, the prime minister was forced but to ignore the result then agree to a bailout package from creditors which turned out to be tougher.
Final Straw
Tsipras claimed that he started questioning his finance minister quite early on.
“Varoufakis was the face of the talks, the figure who drew media attention, who graced the front pages of magazines the world over … it seemed he relished his new role.”
When Varoufakis proposed a contingency plan that included creating a secondary currency as well as issuing coupons to retirees, the leader said he realised it was the end questioning him: “Is this for real?”
Enduring Criticism
In the book, Tsipras concludes that Varoufakis demonstrated himself to be “unsuitable for a deal that required complex and sensitive management.”
Tsipras also claimed how his aggressive approach left him increasingly isolated with colleagues, endangered the country, and assisted hawks who were advocating Grexit.
The retelling of history has been met with fury along with stunned disbelief among certain groups, while Varoufakis has kept a conspicuous quiet on the matter.
