In a newly released personal account, titled Ithaki, the former prime minister Alexis Tsipras pulls no punches while he revisits that turbulent period during Greece's debt drama.
An Unconventional Appointment
In the ex-PM's version, he appointed the maverick academic Varoufakis to be the treasury head primarily due to the latter's global profile and Varoufakis's highly compelling skills when it came to speaker.
“He was, in reality, more of a personality rather than an economic expert,” stated the 51-year-old.
Conflicting Agendas
Tsipras claims how Varoufakis possessed a personal motives which involved promoting Varoufakis's publications as well as experimenting with his own theories using the nation instead of truly advocating the country's economic stability.
He explained how the talks to stave off insolvency were “not only a way of achieving improved terms for Greece. They were a test, an historic chance to prove the truth of his ideas.”
High-Stakes Negotiations
Amid volatile discussions, Greece came perilously on the brink of exiting the eurozone.
On the line was both the country's future and those punishing austerity measures demanded in exchange for rescue loans from international creditors.
Unsuccessful Options
Efforts to find funds from other sources, such as a desperate appeal to the Kremlin to purchase Greek bonds, went unanswered.
Helping the indebted country was equivalent to throwing money into the garbage, the Russian leader is reputed to have informed Tsipras during their meeting.
Referendum Followed by U-Turn
That summer, the punitive conditions were subjected to a public vote, a move that threw Europe into deeper crisis of identity.
Even though the referendum was carried resoundingly by voters who opposed the cuts, Tsipras had little option to reject its outcome then negotiate a bailout package with creditors that proved to be more severe.
Final Straw
Tsipras claimed how he began to doubt Varoufakis relatively soon.
“He was the public image of the talks, the figure who attracted media attention, who appeared on the covers of publications the world over … it seemed he was enjoying the spotlight.”
When the minister outlined a backup strategy involving establishing a parallel currency as well as distributing vouchers to retirees, the leader knew it was the end questioning him: “Can you be serious?”
Enduring Criticism
Within the book, the author asserts how Varoufakis had proved himself “unsuitable for an agreement that required intricate and sensitive management.”
Tsipras also wrote that Varoufakis's confrontational approach left him more and more alone among peers, put Greece at risk, while assisted hardliners who were pushing for a Greek exit from the euro.
The retelling of history has provoked fury and stunned disbelief among certain groups, while the former minister has so far kept a conspicuous quiet on the matter.
