In a newly released personal account, titled Ithaki, the ex- prime minister Alexis Tsipras pulls no punches while he reflects on the turbulent period during Greece's debt drama.
A Controversial Choice
As per Tsipras's version, he appointed the unorthodox economist Varoufakis as the finance minister primarily because of the latter's worldwide fame along with his highly compelling abilities when it came to communicator.
“He was, actually, more like a personality rather than an economist,” stated Tsipras.
Clashing Priorities
Tsipras alleges that his finance chief had a personal agenda that included promoting Varoufakis's publications and experimenting with his game theories using the nation instead of truly fighting for its economic stability.
Tsipras noted how those negotiations to stave off insolvency were “not only a way of achieving a better deal for Greece. They were a test, a monumental chance to demonstrate the truth of his economic theories.”
Critical Negotiations
Amid rollercoaster discussions, the country came perilously on the brink of leaving the single currency area.
On the line was both Greece's future but also those punishing austerity policies required in exchange for bailout funds from foreign lenders.
Unsuccessful Alternatives
Attempts to find financing from other sources, such as a desperate appeal to the Kremlin to purchase Greek government bonds, fell on stony ground.
Helping the indebted country was tantamount to throwing money in the trash-can, Putin is reputed to have informed Tsipras in Moscow.
Referendum Followed by U-Turn
That summer, those harsh conditions were put to a popular referendum, an action that threw Europe into further existential crisis.
Even though the vote was won decisively by voters who opposed the cuts, the prime minister had little option but to ignore the result then negotiate a rescue deal from foreign lenders which turned out to be more severe.
Breaking Point
The ex-PM revealed how he started questioning Varoufakis relatively soon.
“Varoufakis was the public image of negotiation, the man who attracted publicity, who graced the covers of magazines globally … it seemed he relished his new role.”
When the minister proposed a contingency plan involving establishing a parallel currency and distributing vouchers to pensioners, the leader said he realised it was the end questioning Varoufakis: “Can you be serious?”
Enduring Rebuke
In the memoir, the author asserts how his former ally had proved himself “unfit for a deal that required complex and sensitive handling.”
He also claimed that his aggressive style left him more and more alone with colleagues, put Greece at risk, while helped hardliners that were advocating a Greek exit from the euro.
This retelling of history has provoked fury along with stunned disbelief in some quarters, whereas the former minister has so far maintained a deafening silence on the matter.