Within his recently unveiled memoir, titled Ithaki, the former premier Alexis Tsipras pulls no punches as he examines the turbulent era during Greece's debt drama.
An Unconventional Choice
According to Tsipras's account, Tsipras chose the maverick academic Varoufakis to be the finance minister primarily because of the latter's global profile along with Varoufakis's highly compelling skills as a public orator.
“In reality, he was, actually, more of a personality rather than an economic expert,” wrote Tsipras.
Clashing Priorities
The former leader alleges how his finance chief had a personal agenda that involved promoting Varoufakis's books as well as experimenting with his theories on the nation rather than truly fighting for its economic stability.
Tsipras wrote how those discussions to prevent bankruptcy were “not only a method to secure a better deal for Greece. They became an experiment, an historic opportunity to prove the validity of Varoufakis's ideas.”
Critical Talks
During tense discussions, Greece found itself perilously close to leaving the single currency area.
At stake lay not only Greece's destiny but also the punishing austerity policies required in exchange for financial aid by international creditors.
Unsuccessful Options
Attempts to secure financing from other sources, including an urgent plea to the Kremlin to buy Greek bonds, went unanswered.
Helping Greece would be tantamount to tossing cash into the garbage, the Russian leader reportedly told his Greek counterpart in Moscow.
Referendum and U-Turn
That summer, the punitive bailout terms were put to a public vote, a move that threw Europe into a further crisis of identity.
Although the vote was carried resoundingly by those who opposed the cuts, the prime minister had little option but to ignore the result and negotiate a bailout package with foreign lenders that turned out to be even harsher.
Breaking Point
The ex-PM revealed that he started questioning his finance minister quite early on.
“He was the face of negotiation, the man who drew publicity, who appeared on the covers of publications globally … he gave the impression he relished the spotlight.”
After Varoufakis proposed a backup strategy involving establishing a secondary currency and issuing vouchers to pensioners, the leader said he realised that it was the end questioning Varoufakis: “Can you be serious?”
Lasting Criticism
Within the book, the author asserts how Varoufakis had proved himself to be “unfit for an agreement demanding complex and delicate management.”
He also claimed how his aggressive style left him more and more alone with colleagues, put Greece at risk, and assisted hawks who were pushing for a Greek exit from the euro.
The account of history has provoked anger and shock among certain groups, whereas the former minister has so far kept a deafening silence on the matter.
