Within his recently unveiled memoir, named Ithaki, the former prime minister Alexis Tsipras spares no criticism while he examines the chaotic era during Greece's debt drama.
A Controversial Appointment
In Tsipras's recollections, Tsipras selected that maverick academic Varoufakis as his treasury head largely because of the latter's international reputation and his very persuasive skills when it came to public orator.
“In reality, he was, in reality, more of a personality rather than an economist,” recalled the 51-year-old.
Clashing Priorities
The former leader claims how his finance chief possessed his own motives which included advancing his publications as well as experimenting with his economic models using the nation rather than truly advocating its financial survival.
Tsipras noted that the talks to stave off bankruptcy were “not just a method of achieving a better deal for Greece. They became a test, an historic chance to demonstrate the validity of his theories.”
Critical Negotiations
During tense discussions, Greece came perilously on the brink of exiting the eurozone.
At stake lay not only the country's destiny but also the harsh cutbacks required in exchange for rescue loans by foreign lenders.
Failed Alternatives
Efforts to find funds elsewhere, such as an urgent appeal to Russia to purchase Greek bonds, were rejected.
Helping the indebted country was equivalent to tossing cash in the trash-can, the Russian leader reportedly told Tsipras in Moscow.
Public Vote Followed by U-Turn
That summer, the harsh bailout terms were put to a popular referendum, an action that plunged Europe into a deeper existential crisis.
Even though the referendum was carried decisively by those who opposed austerity, Tsipras was forced to ignore the result then agree to a rescue deal with creditors which turned out to be tougher.
Breaking Point
The ex-PM revealed that he started questioning his finance minister quite early on.
“Varoufakis was the public image of negotiation, the man who drew media attention, who appeared on the covers of publications globally … it seemed he was enjoying his new role.”
When the minister proposed a contingency plan that included establishing a secondary currency and distributing coupons to retirees, the leader said he realised that it was game over and asked him: “Is this for real?”
Enduring Rebuke
Within the memoir, the author asserts that Varoufakis demonstrated himself “unfit for a deal demanding intricate and sensitive handling.”
He also wrote how his confrontational style made him increasingly isolated with colleagues, endangered the country, while helped hawks who were pushing for a Greek exit from the euro.
This account of events has provoked anger and stunned disbelief among certain groups, while Varoufakis has kept a deafening silence regarding these claims.
