In a recently unveiled personal account, called Ithaki, the former leader Alexis Tsipras pulls no punches as he reflects on that turbulent era of Greece's debt drama.
An Unconventional Appointment
As per the ex-PM's account, he chose the unorthodox economist Varoufakis as the finance minister largely due to his international reputation and Varoufakis's very persuasive abilities as a public orator.
“He was, in reality, more like a personality and less of an economic expert,” wrote the 51-year-old.
Clashing Agendas
Tsipras alleges how his finance chief had his own motives which included promoting Varoufakis's books as well as testing out his game theories using the nation rather than genuinely advocating the country's economic stability.
Tsipras explained how those discussions to avoid bankruptcy were “not just a way of achieving improved terms for the country. They were a test, a monumental chance to prove the truth of his economic theories.”
Critical Talks
Amid rollercoaster negotiations, Greece came perilously close to exiting the single currency area.
At stake was both Greece's destiny but also those severe austerity measures demanded in return for bailout funds from foreign lenders.
Failed Options
Attempts to secure funds from other sources, including an urgent plea to Russia to purchase Greek bonds, fell on stony ground.
Assisting the indebted country would be equivalent to tossing cash into the garbage, Putin reportedly informed Tsipras during their meeting.
Public Vote Followed by Reversal
That summer, those harsh conditions were subjected to a popular referendum, an action that plunged Europe into deeper existential crisis.
Although the vote was carried resoundingly by those who opposed the cuts, the prime minister was forced to reject its outcome then agree to a rescue deal from creditors which turned out to be tougher.
Breaking Point
Tsipras revealed how he started questioning his finance minister relatively soon.
“Varoufakis was the face of the talks, the man who attracted media attention, who appeared on the front pages of publications the world over … it seemed he was enjoying his new role.”
When the minister proposed a contingency plan that included establishing a secondary currency as well as distributing coupons to retirees, Tsipras knew that it was the end questioning him: “Can you be serious?”
Enduring Criticism
Within the memoir, the author asserts how his former ally demonstrated himself “unsuitable for an agreement that required complex and sensitive handling.”
He also wrote that his aggressive approach left him more and more alone among peers, put Greece at risk, and assisted hawks who were advocating a Greek exit from the euro.
This retelling of events has provoked fury and stunned disbelief among certain groups, while the former minister has so far maintained a conspicuous quiet regarding these claims.
