Within his recently unveiled memoir, called Ithaki, the ex- premier Alexis Tsipras spares no criticism while he reflects on the chaotic period during Greece's financial crisis.
An Unconventional Choice
As per Tsipras's recollections, he appointed that unorthodox economist Varoufakis to be the treasury head largely due to his global profile and Varoufakis's highly compelling abilities as a public orator.
“In reality, he was, actually, more like a celebrity and less of an economic expert,” wrote the 51-year-old.
Conflicting Priorities
The former leader claims how Varoufakis possessed a personal motives which involved promoting Varoufakis's publications and testing out his own economic models using the nation rather than genuinely fighting for its economic stability.
He noted that the talks to prevent bankruptcy became “not only a method to secure a better deal for the country. They became a test, an historic opportunity to demonstrate the validity of his theories.”
High-Stakes Negotiations
Amid tense discussions, the country found itself perilously close to exiting the single currency area.
On the line lay both the country's destiny but also those severe austerity policies required in exchange for financial aid by foreign lenders.
Failed Options
Efforts to secure funds elsewhere, such as an urgent plea to Russia to purchase Greek bonds, fell on stony ground.
Helping Greece was equivalent to throwing money in the trash-can, the Russian leader reportedly informed Tsipras during their meeting.
Public Vote and U-Turn
That summer, the harsh bailout terms were put to a popular referendum, an action that plunged the EU into further existential crisis.
Although the referendum was carried decisively by voters who opposed the cuts, Tsipras was forced but to ignore the result and negotiate a rescue deal with creditors which proved to be more severe.
Breaking Point
The ex-PM claimed how he began to doubt his finance minister relatively soon.
“He was the public image of negotiation, the man who drew publicity, who graced the front pages of magazines the world over … it seemed he relished his new role.”
After the minister outlined a backup strategy involving creating a secondary currency and distributing vouchers to retirees, Tsipras knew it was the end questioning Varoufakis: “Can you be serious?”
Lasting Criticism
Within the memoir, Tsipras asserts that Varoufakis had proved himself to be “unsuitable for a deal that required complex and delicate management.”
Tsipras further claimed how Varoufakis's confrontational approach made him increasingly isolated with colleagues, put Greece at risk, and helped hardliners who were pushing for a Greek exit from the euro.
This retelling of history has provoked fury along with stunned disbelief in some quarters, whereas the former minister has so far kept a conspicuous quiet regarding these claims.
