In a freshly published memoir, named Ithaki, the ex- leader Alexis Tsipras does not hold back while he examines the turbulent era of Greece's financial crisis.
An Unconventional Appointment
As per the ex-PM's account, Tsipras selected that maverick economist Varoufakis to be the treasury head mainly because of the latter's global profile and his very persuasive abilities as a communicator.
“In reality, he was, actually, more like a personality and less of an economist,” stated the 51-year-old.
Conflicting Priorities
The former leader suggests how Varoufakis possessed a personal motives that involved advancing Varoufakis's books and experimenting with his economic models using Greece instead of truly fighting for its economic stability.
He wrote how the negotiations to prevent insolvency were “not only a method of achieving a better deal for the country. They became an experiment, a monumental chance to prove the validity of his ideas.”
Critical Negotiations
Amid volatile discussions, the country found itself dangerously on the brink of exiting the eurozone.
On the line was both the country's future and those punishing austerity policies demanded in return for rescue loans by international creditors.
Failed Alternatives
Efforts to find financing from other sources, such as an urgent plea to the Kremlin to purchase Greek government bonds, fell on stony ground.
Assisting Greece was tantamount to throwing money into the garbage, the Russian leader reportedly informed Tsipras in Moscow.
Referendum Followed by Reversal
That summer, the punitive conditions were subjected to a popular referendum, a move that threw the EU into a further crisis of identity.
Even though the vote was won decisively by voters against austerity, Tsipras had little option to reject its outcome then negotiate a bailout package with foreign lenders which turned out to be more severe.
Final Straw
The ex-PM claimed that he began to doubt Varoufakis quite early on.
“He was the face of the talks, the man who attracted publicity, who graced the covers of publications the world over … he gave the impression he was enjoying his new role.”
After the minister proposed a backup strategy involving establishing a secondary currency as well as issuing coupons to retirees, the leader knew that it was game over questioning him: “Are you serious?”
Lasting Rebuke
Within the memoir, the author concludes how Varoufakis had proved himself “unfit for an agreement that required complex and delicate management.”
Tsipras further claimed how his aggressive approach made him increasingly isolated with colleagues, put Greece at risk, while assisted hawks who were advocating a Greek exit from the euro.
The retelling of events has provoked anger and stunned disbelief among certain groups, whereas Varoufakis has so far kept a deafening silence on the matter.
