Within his recently unveiled personal account, titled Ithaki, the ex- premier Alexis Tsipras spares no criticism as he reflects on the turbulent period during Greece's economic turmoil.
An Unconventional Choice
As per Tsipras's account, Tsipras chose that maverick economist Varoufakis as his finance minister mainly due to his international reputation along with his very persuasive abilities when it came to public orator.
“In reality, he was, truthfully, more of a personality rather than an economic expert,” recalled Tsipras.
Clashing Priorities
Tsipras alleges how Varoufakis possessed a personal agenda that involved advancing his books as well as testing out his own economic models using Greece rather than genuinely fighting for its financial survival.
Tsipras wrote how those talks to stave off insolvency were “not only a way to secure improved terms for Greece. They became a test, a monumental opportunity to demonstrate the validity of his ideas.”
Critical Talks
During tense negotiations, Greece found itself perilously on the brink of exiting the eurozone.
At stake lay both the country's destiny and those harsh austerity policies demanded in exchange for financial aid from international creditors.
Failed Alternatives
Efforts to secure funds from other sources, including a desperate appeal to the Kremlin to buy Greek bonds, went unanswered.
Assisting the indebted country would be equivalent to throwing money in the trash-can, Putin is reputed to have told his Greek counterpart in Moscow.
Referendum and U-Turn
That summer, those harsh bailout terms were subjected to a public vote, an action that threw Europe into deeper crisis of identity.
Even though the referendum was won resoundingly by those who opposed the cuts, the prime minister had little option but to reject its outcome then negotiate a rescue deal with creditors which turned out to be even harsher.
Breaking Point
The ex-PM claimed how he began to doubt his finance minister quite early on.
“Varoufakis was the face of negotiation, the man who attracted media attention, who appeared on the covers of publications globally … it seemed he was enjoying the spotlight.”
After Varoufakis outlined a backup strategy involving establishing a parallel currency and issuing coupons to pensioners, Tsipras knew it was the end questioning him: “Are you serious?”
Enduring Rebuke
Within the memoir, the author concludes how his former ally demonstrated himself to be “unfit for an agreement that required complex and delicate handling.”
He also claimed that Varoufakis's confrontational approach left him more and more alone among peers, put Greece at risk, and assisted hawks that were pushing for a Greek exit from the euro.
The retelling of history has been met with anger and shock in some quarters, whereas the former minister has so far kept a deafening silence regarding these claims.
