In a recently unveiled memoir, titled Ithaki, the former prime minister Alexis Tsipras spares no criticism as he examines that turbulent era of Greece's economic turmoil.
An Unconventional Choice
As per the ex-PM's account, he selected that unorthodox academic Varoufakis as his finance minister largely due to his international reputation and his very persuasive abilities as a public orator.
“He was, in reality, more like a celebrity rather than an economic expert,” stated Tsipras.
Conflicting Agendas
The former leader alleges that Varoufakis possessed a personal agenda which involved advancing Varoufakis's books as well as experimenting with his own game theories using the nation rather than truly advocating the country's financial survival.
Tsipras wrote how the negotiations to avoid insolvency were “not just a way of achieving a better deal for the country. They were an experiment, a monumental chance to prove the truth of his economic theories.”
Critical Negotiations
During tense negotiations, Greece came dangerously close to leaving the single currency area.
At stake was not only Greece's future and those severe cutbacks required in exchange for rescue loans by foreign lenders.
Failed Options
Attempts 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 into the garbage, the Russian leader is reputed to have told Tsipras during their meeting.
Public Vote Followed by Reversal
In July 2015, those harsh bailout terms were subjected to a popular referendum, a move which plunged the EU into a further crisis of identity.
Although the referendum was carried decisively by those who opposed the cuts, Tsipras had little option to ignore the result and negotiate a rescue deal from creditors that proved to be more severe.
Breaking Point
Tsipras claimed that he began to doubt Varoufakis relatively soon.
“Varoufakis was the public image of the talks, the man who attracted media attention, who graced the covers of publications the world over … it seemed he was enjoying the spotlight.”
When Varoufakis proposed a backup strategy involving establishing a secondary currency as well as issuing vouchers to pensioners, Tsipras knew it was game over and asked him: “Is this for real?”
Enduring Criticism
Within the memoir, the author asserts that Varoufakis demonstrated himself to be “unsuitable for an agreement demanding complex and sensitive handling.”
He further claimed that Varoufakis's confrontational approach left him more and more alone with colleagues, endangered the country, and assisted hawks that were advocating Grexit.
The retelling of history has been met with anger along with shock in some quarters, whereas the former minister has so far kept a conspicuous quiet regarding these claims.
