In a freshly published personal account, named Ithaki, the ex- leader Alexis Tsipras does not hold back as he examines that turbulent era during Greece's debt drama.
An Unconventional Appointment
As per Tsipras's version, he appointed the maverick academic Varoufakis as the treasury head mainly because of his international reputation along with Varoufakis's highly compelling skills when it came to speaker.
“He was, in reality, more of a star and less of an economist,” recalled the 51-year-old.
Conflicting Agendas
Tsipras alleges how his finance chief possessed his own agenda that involved promoting Varoufakis's books as well as testing out his own theories on the nation instead of genuinely advocating its economic stability.
He explained how the talks to stave off insolvency were “not only a method to secure a better deal for the country. They became an experiment, a monumental chance to demonstrate the truth of his theories.”
Critical Talks
During tense negotiations, the country found itself dangerously close to leaving the single currency area.
At stake lay not only Greece's destiny and those harsh austerity policies required in return for financial aid by international creditors.
Failed Alternatives
Attempts to find financing elsewhere, such as a desperate plea to Russia to purchase Greek government bonds, were rejected.
Helping Greece would be equivalent to tossing cash in the trash-can, Putin is reputed to have told Tsipras during their meeting.
Public Vote and U-Turn
In July 2015, the punitive conditions were put to a public vote, a move which plunged the EU into a deeper existential crisis.
Although the referendum was won resoundingly by voters against the cuts, the prime minister had little option to ignore the result then agree to a rescue deal from creditors that turned out to be tougher.
Final Straw
The ex-PM claimed how he started questioning Varoufakis quite early on.
“He was the face of the talks, the man who drew media attention, who appeared on the covers of magazines globally … he gave the impression he relished his new role.”
After Varoufakis outlined a backup strategy that included creating a parallel currency as well as issuing vouchers to pensioners, the leader said he realised that it was the end questioning Varoufakis: “Are you serious?”
Enduring Criticism
Within the memoir, the author concludes how Varoufakis demonstrated himself “unfit for a deal that required intricate and delicate handling.”
He also wrote that his aggressive approach made him more and more alone with colleagues, put Greece at risk, while assisted hardliners who were pushing for Grexit.
The retelling of events has provoked anger along with stunned disbelief among certain groups, while the former minister has so far maintained a conspicuous quiet on the matter.
