In a recently unveiled personal account, named Ithaki, the ex- leader Alexis Tsipras pulls no punches while he examines that turbulent period during Greece's financial crisis.
A Controversial Appointment
As per Tsipras's recollections, Tsipras chose that maverick economist Varoufakis to be his treasury head primarily because of the latter's global profile along with Varoufakis's very persuasive abilities as a public orator.
“He was, truthfully, more like a star and less of an economist,” recalled Tsipras.
Conflicting Agendas
Tsipras alleges how his finance chief possessed a personal motives which involved promoting Varoufakis's books and experimenting with his own economic models on the nation rather than truly fighting for the country's financial survival.
He noted how those discussions to stave off bankruptcy were “not just a way of achieving improved terms for Greece. They were an experiment, an historic chance to prove the validity of his theories.”
Critical Negotiations
During rollercoaster negotiations, Greece came perilously close to exiting the single currency area.
On the line was both Greece's future and those severe cutbacks required in exchange for bailout funds from foreign lenders.
Failed Alternatives
Attempts to secure financing from other sources, such as a desperate appeal to Russia to buy Greek government bonds, fell on stony ground.
Helping the indebted country would be equivalent to throwing money in the trash-can, the Russian leader reportedly told his Greek counterpart in Moscow.
Referendum Followed by Reversal
In July 2015, those excoriating conditions were subjected to a public vote, an action that threw the EU into deeper crisis of identity.
Although the referendum was carried decisively by those who opposed the cuts, the prime minister had little option to reject its outcome then agree to a rescue deal with foreign lenders which turned out to be even harsher.
Breaking Point
Tsipras revealed how he began to doubt Varoufakis quite early on.
“He was the public image of the talks, the figure who drew media attention, who graced the front pages of magazines globally … it seemed he was enjoying his new role.”
When Varoufakis outlined a backup strategy that included creating a secondary currency and issuing coupons to pensioners, Tsipras said he realised it was game over and asked Varoufakis: “Can you be serious?”
Lasting Rebuke
Within the memoir, the author concludes that Varoufakis had proved himself “unfit for a deal demanding intricate and delicate handling.”
Tsipras further claimed that his confrontational style made him increasingly isolated among peers, put Greece at risk, and helped hawks that were advocating Grexit.
The retelling of history has provoked fury along with stunned disbelief among certain groups, while Varoufakis has so far maintained a deafening silence regarding these claims.
