In a newly released personal account, called Ithaki, the ex- leader Alexis Tsipras pulls no punches while he examines the turbulent period during Greece's financial crisis.
An Unconventional Choice
As per the ex-PM's version, he chose the unorthodox academic Varoufakis as his finance minister largely due to his global profile and his “extremely attractive” skills as a public orator.
“He was, actually, more like a celebrity and less of an economist,” recalled Tsipras.
Clashing Agendas
Tsipras claims that Varoufakis had a personal motives that included advancing Varoufakis's publications and experimenting with his own theories on Greece instead of truly advocating its economic stability.
Tsipras wrote how the discussions to stave off bankruptcy became “not only a method to secure a better deal for Greece. They became a test, a monumental opportunity to demonstrate the validity of his economic theories.”
High-Stakes Talks
During volatile discussions, Greece came perilously on the brink of leaving the eurozone.
On the line lay not only Greece's future but also the punishing cutbacks required in exchange for financial aid by international creditors.
Unsuccessful Alternatives
Attempts to find funds elsewhere, such as a desperate appeal to Russia to purchase Greek bonds, went unanswered.
Helping Greece was tantamount to throwing money into the garbage, Putin reportedly informed his Greek counterpart in Moscow.
Public Vote and Reversal
That summer, those excoriating bailout terms were subjected to a public vote, a move that plunged Europe into a deeper existential crisis.
Even though the vote was carried resoundingly by voters against the cuts, Tsipras was forced to ignore the result then negotiate a bailout package from foreign lenders which proved to be even harsher.
Final Straw
Tsipras claimed how he began to doubt his finance minister quite early on.
“He was the public image of negotiation, the man who attracted media attention, who appeared on the covers of publications globally … it seemed he was enjoying his new role.”
When the minister outlined a backup strategy involving establishing a secondary currency and distributing vouchers to retirees, the leader knew it was game over questioning Varoufakis: “Is this for real?”
Lasting Criticism
Within the memoir, Tsipras concludes that his former ally demonstrated himself “unfit for an agreement that required intricate and sensitive management.”
He further claimed that Varoufakis's confrontational approach made him more and more alone with colleagues, endangered the country, and assisted hawks that were advocating a Greek exit from the euro.
The account of history has been met with anger and stunned disbelief in some quarters, whereas the former minister has kept a deafening silence on the matter.
