In a recently unveiled memoir, called Ithaki, the former prime minister Alexis Tsipras spares no criticism as he examines that chaotic period during Greece's debt drama.
An Unconventional Choice
In the ex-PM's recollections, Tsipras chose the maverick economist Varoufakis as his finance minister primarily due to the latter's international reputation along with his very persuasive abilities when it came to public orator.
“In reality, he was, truthfully, more like a celebrity rather than an economist,” stated Tsipras.
Clashing Priorities
The former leader alleges that his finance chief possessed his own motives which included promoting Varoufakis's publications as well as testing out his own theories using the nation instead of truly advocating its financial survival.
Tsipras noted how those negotiations to stave off insolvency were “not only a way to secure improved terms for Greece. They were an experiment, a monumental opportunity to demonstrate the truth of Varoufakis's economic theories.”
High-Stakes Negotiations
During rollercoaster discussions, Greece found itself dangerously on the brink of leaving the single currency area.
On the line lay not only Greece's future but also those severe austerity measures required in exchange for financial aid from foreign lenders.
Unsuccessful Options
Efforts to secure funds from other sources, including a desperate plea to the Kremlin to purchase Greek government bonds, fell on stony ground.
Helping Greece was equivalent to throwing money into the garbage, Putin is reputed to have told Tsipras in Moscow.
Referendum and Reversal
That summer, the excoriating bailout terms were subjected to a public vote, an action that plunged the EU into further crisis of identity.
Even though the vote was won decisively by voters against the cuts, the prime minister had little option but to ignore the result and negotiate a rescue deal with creditors that proved to be even harsher.
Breaking Point
Tsipras claimed how he began to doubt his finance minister relatively soon.
“He was the public image of the talks, the man who attracted media attention, who graced the front pages of publications the world over … it seemed he was enjoying his new role.”
When Varoufakis proposed a contingency plan that included establishing a secondary currency and distributing vouchers to pensioners, the leader knew it was game over questioning him: “Can you be serious?”
Lasting Rebuke
Within the book, Tsipras concludes how Varoufakis had proved himself to be “unfit for an agreement demanding intricate and sensitive handling.”
He further claimed that his confrontational approach made him increasingly isolated among peers, endangered the country, and helped hawks that were pushing for Grexit.
The account of history has provoked anger and stunned disbelief among certain groups, whereas the former minister has maintained a deafening silence regarding these claims.
