In a recently unveiled personal account, called Ithaki, the ex- leader Alexis Tsipras does not hold back as he reflects on the turbulent era of Greece's economic turmoil.
A Controversial Appointment
According to the ex-PM's version, he selected the unorthodox academic Varoufakis as his treasury head primarily because of the latter's worldwide fame and his highly compelling abilities when it came to communicator.
“In reality, he was, in reality, more like a celebrity rather than an economist,” recalled Tsipras.
Clashing Priorities
Tsipras suggests how Varoufakis possessed his own motives that involved promoting Varoufakis's books and testing out his theories on the nation instead of genuinely advocating its economic stability.
Tsipras noted how those discussions to avoid bankruptcy became “not just a way to secure improved terms for Greece. They became a test, a monumental opportunity to demonstrate the validity of Varoufakis's theories.”
Critical Talks
During volatile negotiations, Greece found itself perilously on the brink of leaving the single currency area.
At stake was not only the country's future and the harsh austerity policies demanded in exchange for rescue loans by foreign lenders.
Unsuccessful Alternatives
Efforts to find funds elsewhere, such as an urgent appeal to the Kremlin to buy Greek government bonds, were rejected.
Helping Greece was equivalent to tossing cash in the trash-can, the Russian leader is reputed to have told Tsipras during their meeting.
Public Vote Followed by U-Turn
In July 2015, those punitive bailout terms were subjected to a public vote, an action that threw the EU into a deeper crisis of identity.
Although the referendum was carried decisively by those who opposed the cuts, Tsipras had little option but to ignore the result and negotiate a bailout package from creditors that proved to be even harsher.
Final Straw
The ex-PM claimed how he started questioning his finance minister quite early on.
“Varoufakis was the public image of negotiation, the figure who attracted media attention, who appeared on the covers of magazines globally … he gave the impression he was enjoying his new role.”
After the minister proposed a backup strategy that included creating a parallel currency and issuing coupons to retirees, the leader said he realised that it was the end and asked him: “Can you be serious?”
Enduring Criticism
Within the book, the author concludes that Varoufakis demonstrated himself to be “unfit for an agreement demanding complex and sensitive handling.”
He further wrote that Varoufakis's aggressive style made him more and more alone with colleagues, put Greece at risk, and helped hardliners that were advocating Grexit.
This account of events has been met with fury along with stunned disbelief among certain groups, while the former minister has so far maintained a conspicuous quiet on the matter.
