Within his recently unveiled personal account, titled Ithaki, the former prime minister Alexis Tsipras pulls no punches as he examines that chaotic era during Greece's debt drama.
A Controversial Choice
In Tsipras's account, he chose the unorthodox academic Varoufakis to be the treasury head largely because of the latter's international reputation and Varoufakis's highly compelling skills when it came to speaker.
“He was, in reality, more of a personality rather than an economist,” wrote Tsipras.
Clashing Priorities
Tsipras suggests how his finance chief possessed his own agenda which involved promoting his books as well as testing out his own game theories on the nation rather than genuinely advocating its economic stability.
Tsipras explained how those talks to prevent insolvency were “not only a way to secure improved terms for Greece. They became an experiment, a monumental chance to demonstrate the validity of Varoufakis's ideas.”
High-Stakes Negotiations
During tense discussions, the country came dangerously on the brink of exiting the single currency area.
At stake lay both the country's future but also the punishing austerity policies demanded in exchange for rescue loans from foreign lenders.
Unsuccessful Options
Efforts to secure financing elsewhere, including an urgent appeal to the Kremlin to buy Greek government bonds, went unanswered.
Helping Greece would be tantamount to tossing cash into the garbage, Putin is reputed to have told Tsipras during their meeting.
Public Vote Followed by Reversal
That summer, the punitive conditions were subjected to a public vote, a move which plunged the EU into further crisis of identity.
Although the referendum was carried decisively by those against the cuts, Tsipras was forced but to reject its outcome then agree to a bailout package from creditors that proved to be even harsher.
Final Straw
The ex-PM revealed that he began to doubt Varoufakis quite early on.
“He was the face of the talks, the figure who drew media attention, who appeared on the front pages of publications the world over … he gave the impression he relished his new role.”
When Varoufakis proposed a backup strategy that included establishing a secondary currency as well as issuing vouchers to retirees, Tsipras knew it was the end questioning Varoufakis: “Are you serious?”
Lasting Criticism
In the memoir, the author concludes how Varoufakis demonstrated himself to be “unfit for an agreement demanding intricate and delicate handling.”
Tsipras further wrote that his aggressive style left him more and more alone among peers, endangered the country, while assisted hawks that were advocating a Greek exit from the euro.
This account of history has been met with fury along with shock among certain groups, whereas the former minister has so far maintained a deafening silence regarding these claims.
