Within his newly released memoir, called Ithaki, the former prime minister Alexis Tsipras does not hold back as he revisits the chaotic period during Greece's economic turmoil.
A Controversial Choice
As per the ex-PM's version, he selected the maverick academic Varoufakis as the treasury head primarily because of the latter's global profile along with Varoufakis's highly compelling abilities when it came to communicator.
“In reality, he was, actually, more like a star rather than an economic expert,” wrote Tsipras.
Conflicting Agendas
Tsipras alleges how his finance chief had a personal motives that involved promoting his publications and experimenting with his game theories on Greece rather than truly advocating its financial survival.
He explained how those talks to stave off bankruptcy became “not only a method to secure a better deal for Greece. They were an experiment, an historic chance to prove the validity of Varoufakis's theories.”
Critical Negotiations
Amid tense discussions, Greece came perilously on the brink of leaving the single currency area.
On the line lay both Greece's future but also the severe austerity policies required in exchange for financial aid by foreign lenders.
Unsuccessful Options
Attempts to find funds elsewhere, such as an urgent appeal to the Kremlin to purchase Greek bonds, went unanswered.
Helping the indebted country was tantamount to tossing cash into the garbage, Putin reportedly told Tsipras during their meeting.
Public Vote Followed by Reversal
That summer, the harsh bailout terms were subjected to a public vote, an action which threw the EU into deeper crisis of identity.
Even though the referendum was won resoundingly by those who opposed austerity, Tsipras was forced but to reject its outcome then negotiate a rescue deal with foreign lenders which turned out to be more severe.
Breaking Point
Tsipras revealed that he started questioning his finance minister relatively soon.
“Varoufakis was the face of the talks, the figure who drew media attention, who graced the front pages of magazines globally … it seemed he was enjoying his new role.”
After Varoufakis outlined a contingency plan that included establishing a parallel currency as well as distributing coupons to pensioners, the leader knew that it was game over and asked him: “Are you serious?”
Lasting Rebuke
Within the memoir, the author concludes how Varoufakis demonstrated himself to be “unsuitable for a deal demanding complex and sensitive management.”
He further claimed how Varoufakis's aggressive approach made him more and more alone among peers, put Greece at risk, and assisted hawks that were advocating a Greek exit from the euro.
This account of events has provoked anger along with stunned disbelief in some quarters, while Varoufakis has kept a conspicuous quiet on the matter.
