Within his freshly published memoir, titled Ithaki, the ex- prime minister Alexis Tsipras does not hold back as he reflects on that turbulent era of Greece's debt drama.
An Unconventional Appointment
According to Tsipras's version, he selected that maverick academic Varoufakis as the finance minister mainly because of the latter's global profile and his very persuasive abilities as a communicator.
“He was, truthfully, more of a personality rather than an economic expert,” recalled the 51-year-old.
Conflicting Agendas
The former leader alleges that his finance chief had his own agenda that involved promoting Varoufakis's publications as well as experimenting with his own economic models using the nation rather than truly fighting for the country's financial survival.
Tsipras noted that the talks to stave off insolvency became “not only a way of achieving a better deal for Greece. They became a test, an historic opportunity to demonstrate the truth of his economic theories.”
Critical Talks
Amid tense discussions, the country found itself perilously on the brink of leaving the single currency area.
On the line lay both Greece's future but also the punishing cutbacks required in exchange for financial aid from international creditors.
Failed Alternatives
Efforts to secure funds elsewhere, such as a desperate plea to the Kremlin to purchase Greek bonds, fell on stony ground.
Assisting Greece was tantamount to throwing money into the garbage, the Russian leader is reputed to have told his Greek counterpart in Moscow.
Public Vote and U-Turn
In July 2015, those excoriating bailout terms were subjected to a popular referendum, a move which threw the EU into further existential crisis.
Although the referendum was carried decisively by voters who opposed the cuts, Tsipras had little option but to reject its outcome then negotiate a rescue deal with foreign lenders which turned out to be even harsher.
Breaking Point
Tsipras claimed how he started questioning Varoufakis quite early on.
“Varoufakis was the face of negotiation, the figure who drew publicity, who graced the front pages of publications globally … he gave the impression he was enjoying his new role.”
After the minister proposed a contingency plan involving creating a secondary currency and distributing vouchers to retirees, Tsipras knew that it was game over and asked Varoufakis: “Is this for real?”
Enduring Rebuke
Within the memoir, the author concludes that his former ally demonstrated himself “unsuitable for an agreement that required complex and delicate handling.”
Tsipras further wrote that his aggressive style made him increasingly isolated among peers, endangered the country, while helped hardliners that were pushing for Grexit.
The account of events has been met with fury along with stunned disbelief in some quarters, while the former minister has so far kept a deafening silence regarding these claims.
