Within his freshly published personal account, named Ithaki, the ex- premier Alexis Tsipras pulls no punches as he revisits the chaotic period during Greece's debt drama.
A Controversial Appointment
As per the ex-PM's account, he selected the unorthodox academic Varoufakis to be the finance minister mainly due to the latter's worldwide fame along with his very persuasive skills as a public orator.
“In reality, he was, truthfully, more of a personality rather than an economic expert,” wrote Tsipras.
Conflicting Agendas
The former leader alleges how his finance chief possessed his own agenda that involved promoting his books as well as testing out his own theories using Greece instead of genuinely advocating the country's economic stability.
He noted that those discussions to prevent bankruptcy were “not only a way of achieving improved terms for Greece. They became an experiment, an historic chance to demonstrate the validity of Varoufakis's theories.”
Critical Negotiations
Amid tense negotiations, Greece came dangerously close to leaving the eurozone.
On the line was not only the country's destiny but also those harsh cutbacks demanded in return for bailout funds by foreign lenders.
Unsuccessful Options
Efforts to find funds elsewhere, including an urgent appeal to the Kremlin to buy Greek government bonds, were rejected.
Helping Greece would be tantamount to throwing money into the garbage, Putin reportedly informed his Greek counterpart in Moscow.
Public Vote and Reversal
That summer, those punitive conditions were put to a popular referendum, a move which threw the EU into deeper existential crisis.
Although the vote was carried resoundingly by those who opposed the cuts, the prime minister was forced but to ignore the result then negotiate a bailout package from foreign lenders which turned out to be tougher.
Final Straw
The ex-PM revealed how he began to doubt his finance minister relatively soon.
“He was the public image of the talks, the man who attracted publicity, who appeared on the covers of magazines the world over … it seemed he relished his new role.”
After the minister proposed a contingency plan involving establishing a secondary currency and distributing coupons to retirees, Tsipras said he realised it was the end and asked him: “Are you serious?”
Enduring Criticism
In the memoir, Tsipras asserts that his former ally had proved himself to be “unfit for a deal that required complex and sensitive management.”
Tsipras further claimed how Varoufakis's confrontational approach left him more and more alone with colleagues, put Greece at risk, and helped hawks who were advocating a Greek exit from the euro.
The retelling of history has provoked anger along with shock in some quarters, whereas the former minister has maintained a deafening silence regarding these claims.
