Within his freshly published autobiography, called Ithaki, the ex- prime minister Alexis Tsipras pulls no punches while he revisits the turbulent period of Greece's financial crisis.
A Controversial Choice
According to Tsipras's account, he appointed that maverick economist Varoufakis to be the finance minister mainly because of his worldwide fame along with Varoufakis's highly compelling skills as a communicator.
“In reality, he was, in reality, more of a celebrity rather than an economic expert,” stated Tsipras.
Clashing Priorities
The former leader suggests that Varoufakis possessed a personal motives which included promoting Varoufakis's books and experimenting with his economic models on Greece rather than genuinely advocating its economic stability.
He explained that the negotiations to stave off bankruptcy became “not only a method to secure improved terms for Greece. They became a test, a monumental chance to prove the truth of Varoufakis's theories.”
Critical Talks
Amid volatile negotiations, the country came dangerously on the brink of leaving the eurozone.
On the line was not only Greece's future but also those harsh austerity policies required in exchange for rescue loans from foreign lenders.
Unsuccessful Alternatives
Attempts to find funds elsewhere, such as an urgent appeal to the Kremlin to purchase Greek bonds, fell on stony ground.
Helping Greece would be tantamount to throwing money in the trash-can, the Russian leader is reputed to have told his Greek counterpart in Moscow.
Referendum and Reversal
That summer, the punitive conditions were subjected to a public vote, an action which plunged the EU into a further existential crisis.
Even though the vote was won resoundingly by voters who opposed austerity, the prime minister was forced but to ignore the result and negotiate a rescue deal from foreign lenders that proved to be more severe.
Breaking Point
Tsipras claimed how he began to doubt his finance minister quite early on.
“He was the face of negotiation, the man who attracted media attention, who graced the covers of publications globally … he gave the impression he relished the spotlight.”
After Varoufakis outlined a contingency plan involving creating a parallel currency as well as issuing vouchers to retirees, Tsipras said he realised that it was game over and asked Varoufakis: “Are you serious?”
Enduring Criticism
Within the book, Tsipras asserts that his former ally demonstrated himself to be “unfit for a deal demanding intricate and sensitive handling.”
Tsipras further claimed how Varoufakis's aggressive approach made him increasingly isolated with colleagues, endangered the country, and assisted hardliners who were pushing for Grexit.
The account of history has provoked anger along with shock in some quarters, whereas the former minister has kept a conspicuous quiet regarding these claims.
