Within his freshly published memoir, titled Ithaki, the ex- leader Alexis Tsipras does not hold back while he revisits the turbulent era of Greece's debt drama.
An Unconventional Choice
As per Tsipras's version, he appointed the unorthodox academic Varoufakis as the finance minister mainly because of his international reputation along with his very persuasive skills as a speaker.
“In reality, he was, in reality, more of a personality and less of an economic expert,” wrote Tsipras.
Conflicting Priorities
Tsipras claims that his finance chief possessed his own agenda which included promoting his publications and testing out his theories using Greece rather than truly advocating its economic stability.
He explained how the discussions to stave off insolvency were “not just a method of achieving improved terms for Greece. They were a test, a monumental opportunity to demonstrate the validity of Varoufakis's ideas.”
Critical Talks
Amid tense negotiations, Greece came perilously close to leaving the single currency area.
At stake lay both Greece's future but also the punishing austerity policies required in return for financial aid by international creditors.
Unsuccessful Alternatives
Attempts to find funds elsewhere, such as a desperate plea to Russia to purchase Greek bonds, went unanswered.
Assisting Greece was tantamount to tossing cash in the trash-can, Putin reportedly told Tsipras during their meeting.
Public Vote and Reversal
In July 2015, the punitive bailout terms were put to a popular referendum, an action that plunged Europe into a deeper crisis of identity.
Although the vote was won decisively by voters who opposed austerity, the prime minister was forced but to reject its outcome and agree to a rescue deal from creditors which turned out to be more severe.
Breaking Point
Tsipras claimed how he began to doubt his finance minister quite early on.
“He was the public image of negotiation, the man who drew media attention, who graced the front pages of publications globally … he gave the impression he was enjoying his new role.”
When the minister proposed a contingency plan that included creating a parallel currency as well as issuing vouchers to retirees, Tsipras said he realised that it was game over and asked him: “Is this for real?”
Lasting Rebuke
In the memoir, the author concludes how his former ally demonstrated himself to be “unsuitable for an agreement that required intricate and delicate management.”
Tsipras also claimed how Varoufakis's confrontational style left him more and more alone with colleagues, put Greece at risk, and assisted hardliners that were pushing for a Greek exit from the euro.
The account of history has been met with anger along with shock in some quarters, whereas the former minister has maintained a deafening silence on the matter.
