Within his freshly published personal account, called Ithaki, the ex- prime minister Alexis Tsipras does not hold back while he reflects on the chaotic period of Greece's economic turmoil.
An Unconventional Choice
According to the ex-PM's account, Tsipras appointed the maverick economist Varoufakis as his finance minister mainly due to his global profile and his highly compelling skills as a public orator.
“He was, truthfully, more like a star and less of an economist,” recalled Tsipras.
Clashing Priorities
The former leader suggests how Varoufakis possessed a personal agenda that involved advancing Varoufakis's books as well as experimenting with his own theories on Greece instead of truly fighting for the country's financial survival.
He explained that those negotiations to prevent bankruptcy became “not only a way of achieving a better deal for Greece. They became a test, a monumental chance to demonstrate the truth of his ideas.”
Critical Talks
Amid tense discussions, the country found itself dangerously close to leaving the single currency area.
On the line was not only Greece's future but also the severe austerity measures required in return for rescue loans from international creditors.
Unsuccessful Alternatives
Attempts to secure financing elsewhere, including a desperate appeal to the Kremlin to buy Greek government bonds, went unanswered.
Assisting the indebted country was equivalent to throwing money in the trash-can, the Russian leader reportedly told his Greek counterpart in Moscow.
Public Vote and Reversal
In July 2015, the harsh conditions were put to a popular referendum, a move that plunged Europe into deeper existential crisis.
Although the referendum was won decisively by those against austerity, the prime minister had little option but to ignore the result and agree to a bailout package with foreign lenders which turned out to be tougher.
Final Straw
Tsipras revealed that he began to doubt Varoufakis quite early on.
“Varoufakis was the public image of the talks, the figure who attracted media attention, who graced the front pages of magazines the world over … it seemed he was enjoying the spotlight.”
When the minister proposed a backup strategy that included creating a secondary currency as well as issuing coupons to retirees, the leader said he realised that it was the end questioning him: “Are you serious?”
Lasting Rebuke
In the memoir, the author asserts that Varoufakis had proved himself to be “unsuitable for an agreement that required complex and delicate management.”
Tsipras also claimed how Varoufakis's confrontational approach left him increasingly isolated among peers, endangered the country, while helped hardliners who were advocating Grexit.
This account of events has provoked anger and stunned disbelief among certain groups, whereas Varoufakis has so far kept a deafening silence on the matter.
