In a freshly published memoir, named Ithaki, the ex- prime minister Alexis Tsipras spares no criticism while he examines that turbulent period of Greece's debt drama.
An Unconventional Choice
In Tsipras's version, Tsipras selected the maverick economist Varoufakis to be the finance minister largely due to his global profile along with his very persuasive skills when it came to public orator.
“In reality, he was, truthfully, more like a personality rather than an economist,” recalled the 51-year-old.
Conflicting Priorities
Tsipras suggests how his finance chief possessed his own agenda that included promoting his publications as well as experimenting with his own economic models using the nation instead of truly fighting for its economic stability.
He explained how those discussions to prevent bankruptcy became “not just a method of achieving a better deal for Greece. They became an experiment, an historic opportunity to demonstrate the truth of Varoufakis's ideas.”
Critical Negotiations
During tense discussions, the country found itself dangerously close to leaving the single currency area.
At stake was not only the country's destiny but also those severe austerity measures demanded in return for financial aid from international creditors.
Unsuccessful Alternatives
Attempts to secure funds elsewhere, such as a desperate appeal to Russia to buy Greek bonds, went unanswered.
Assisting the indebted country was tantamount to throwing money into the garbage, Putin reportedly told Tsipras in Moscow.
Referendum and U-Turn
In July 2015, the harsh conditions were put to a popular referendum, a move that plunged the EU into further crisis of identity.
Even though the referendum was carried resoundingly by voters against the cuts, Tsipras had little option to reject its outcome then negotiate a rescue deal from foreign lenders that proved to be even harsher.
Final Straw
The ex-PM revealed how he started questioning Varoufakis relatively soon.
“He was the face of negotiation, the man who drew media attention, who graced the covers of magazines globally … he gave the impression he relished the spotlight.”
When the minister proposed a backup strategy that included establishing a secondary currency and issuing vouchers to retirees, Tsipras said he realised that it was game over questioning Varoufakis: “Is this for real?”
Enduring Criticism
In the memoir, Tsipras asserts that Varoufakis demonstrated himself to be “unfit for a deal that required intricate and sensitive management.”
He also wrote that Varoufakis's confrontational style left him more and more alone with colleagues, put Greece at risk, and helped hardliners who were pushing for a Greek exit from the euro.
This account of history has provoked fury along with stunned disbelief among certain groups, while the former minister has kept a conspicuous quiet on the matter.
