Within his recently unveiled memoir, titled Ithaki, the former leader Alexis Tsipras does not hold back as he examines the turbulent period of Greece's financial crisis.
An Unconventional Choice
According to Tsipras's version, he appointed that maverick academic Varoufakis as the finance minister mainly because of the latter's worldwide fame along with his “extremely attractive” abilities as a public orator.
“He was, actually, more of a star and less of an economist,” recalled Tsipras.
Conflicting Priorities
The former leader suggests how his finance chief had his own agenda which included promoting his publications as well as testing out his economic models on Greece instead of truly fighting for the country's economic stability.
He wrote how the talks to stave off insolvency became “not just a method to secure a better deal for the country. They became an experiment, a monumental chance to demonstrate the truth of his economic theories.”
Critical Talks
Amid volatile discussions, the country came dangerously on the brink of exiting the eurozone.
At stake lay not only the country's destiny but also the punishing austerity policies demanded in exchange for bailout funds from foreign lenders.
Unsuccessful Options
Efforts to find funds from other sources, such as a desperate appeal to the Kremlin to purchase Greek bonds, went unanswered.
Helping Greece was tantamount to tossing cash in the trash-can, Putin reportedly told his Greek counterpart during their meeting.
Public Vote and Reversal
That summer, the excoriating conditions were put to a public vote, a move that threw the EU into further existential crisis.
Although the vote was won resoundingly by voters who opposed the cuts, the prime minister was forced to ignore the result and negotiate a rescue deal with creditors that turned out to be more severe.
Breaking Point
Tsipras revealed that he started questioning Varoufakis relatively soon.
“He was the public image of the talks, the man who drew publicity, who appeared on the covers of publications the world over … he gave the impression he relished his new role.”
After the minister outlined a backup strategy that included establishing a secondary currency as well as distributing vouchers to retirees, Tsipras said he realised that it was game over questioning him: “Can you be serious?”
Lasting Rebuke
Within the memoir, the author asserts how his former ally demonstrated himself “unsuitable for a deal demanding complex and sensitive management.”
He also wrote that Varoufakis's aggressive approach left him increasingly isolated among peers, endangered the country, while helped hawks who were advocating Grexit.
This account of history has been met with anger along with stunned disbelief among certain groups, whereas the former minister has so far maintained a deafening silence on the matter.
