Within his recently unveiled autobiography, titled Ithaki, the ex- premier Alexis Tsipras spares no criticism as he revisits the turbulent period of Greece's debt drama.
An Unconventional Appointment
As per the ex-PM's recollections, Tsipras chose that unorthodox academic Varoufakis to be the finance minister primarily because of his worldwide fame and his very persuasive skills when it came to communicator.
“He was, in reality, more like a celebrity rather than an economic expert,” wrote Tsipras.
Conflicting Agendas
Tsipras alleges that Varoufakis possessed his own agenda which included promoting his publications and testing out his game theories using Greece instead of truly advocating its financial survival.
He explained that those negotiations to avoid bankruptcy became “not only a way to secure a better deal for the country. They were an experiment, a monumental chance to prove the truth of his ideas.”
High-Stakes Talks
Amid volatile negotiations, Greece came dangerously on the brink of leaving the single currency area.
At stake lay not only Greece's destiny and those harsh cutbacks required in return for rescue loans from foreign lenders.
Failed Options
Efforts to secure financing from other sources, including an urgent plea to Russia to purchase Greek government bonds, went unanswered.
Assisting Greece was tantamount to tossing cash into the garbage, the Russian leader is reputed to have told Tsipras in Moscow.
Referendum Followed by U-Turn
In July 2015, the punitive bailout terms were subjected to a popular referendum, a move which threw the EU into a deeper crisis of identity.
Even though the referendum was won resoundingly by those who opposed the cuts, Tsipras had little option but to reject its outcome then agree to a bailout package from foreign lenders which proved to be even harsher.
Final Straw
The ex-PM revealed how he started questioning Varoufakis relatively soon.
“He was the public image of the talks, the figure who attracted publicity, who appeared on the front pages of publications globally … he gave the impression he relished his new role.”
When the minister outlined a contingency plan involving creating a parallel currency as well as issuing vouchers to retirees, the leader said he realised that it was the end and asked him: “Are you serious?”
Enduring Criticism
Within the memoir, Tsipras concludes that his former ally had proved himself “unfit for an agreement that required intricate and delicate handling.”
He also claimed how his confrontational approach made him increasingly isolated with colleagues, put Greece at risk, and assisted hardliners that were advocating a Greek exit from the euro.
This retelling of history has provoked fury along with shock in some quarters, whereas Varoufakis has kept a deafening silence regarding these claims.
