In a newly released personal account, named Ithaki, the ex- prime minister Alexis Tsipras does not hold back while he reflects on that chaotic era during Greece's financial crisis.
A Controversial Appointment
According to Tsipras's version, he selected that maverick economist Varoufakis to be his treasury head largely due to his global profile along with his “extremely attractive” abilities when it came to speaker.
“He was, in reality, more like a celebrity rather than an economic expert,” stated the 51-year-old.
Conflicting Agendas
The former leader alleges that his finance chief had a personal motives that involved promoting his publications as well as testing out his game theories on Greece rather than genuinely advocating the country's financial survival.
Tsipras wrote that the talks to stave off bankruptcy became “not only a method of achieving a better deal for Greece. They were an experiment, a monumental opportunity to demonstrate the validity of Varoufakis's economic theories.”
Critical Talks
Amid tense negotiations, Greece came dangerously on the brink of leaving the single currency area.
On the line was both the country's future but also the harsh cutbacks required in return for financial aid by foreign lenders.
Failed Alternatives
Attempts to find funds elsewhere, including an urgent plea to Russia to buy Greek government bonds, fell on stony ground.
Helping Greece was equivalent to throwing money into the garbage, Putin reportedly told Tsipras in Moscow.
Referendum and U-Turn
In July 2015, the harsh bailout terms were subjected to a public vote, a move that threw Europe into deeper existential crisis.
Even though the vote was won decisively by voters who opposed austerity, the prime minister had little option but to ignore the result then agree to a bailout package with creditors which turned out to be more severe.
Breaking Point
Tsipras revealed that he began to doubt his finance minister quite early on.
“Varoufakis was the public image of the talks, the figure who attracted media attention, who graced the front pages of publications the world over … it seemed he relished the spotlight.”
After the minister outlined a backup strategy that included establishing a parallel currency and distributing vouchers to pensioners, the leader knew it was game over questioning him: “Are you serious?”
Lasting Rebuke
In the memoir, Tsipras concludes that Varoufakis demonstrated himself “unsuitable for a deal demanding complex and sensitive handling.”
He further wrote how Varoufakis's aggressive approach left him increasingly isolated with colleagues, put Greece at risk, and assisted hawks who were advocating a Greek exit from the euro.
The account of events has been met with fury along with shock among certain groups, while the former minister has maintained a conspicuous quiet regarding these claims.
