Within his newly released personal account, called Ithaki, the ex- leader Alexis Tsipras does not hold back as he examines that chaotic period during Greece's financial crisis.
An Unconventional Choice
As per the ex-PM's recollections, Tsipras chose the unorthodox academic Varoufakis to be the finance minister primarily due to the latter's global profile and his “extremely attractive” abilities when it came to public orator.
“In reality, he was, actually, more like a celebrity and less of an economic expert,” stated Tsipras.
Conflicting Priorities
Tsipras suggests that his finance chief possessed his own agenda that included promoting Varoufakis's publications and experimenting with his theories using the nation instead of truly advocating its economic stability.
He noted that those negotiations to avoid bankruptcy became “not only a way to secure improved terms for the country. They became a test, an historic chance to prove the validity of his ideas.”
High-Stakes Negotiations
Amid tense negotiations, Greece found itself dangerously close to leaving the eurozone.
On the line lay both the country's destiny and the severe austerity measures demanded in return for rescue loans by foreign lenders.
Unsuccessful Options
Attempts to secure financing from other sources, such as a desperate appeal to the Kremlin to purchase Greek government bonds, were rejected.
Assisting the indebted country would be tantamount to throwing money into the garbage, Putin is reputed to have informed Tsipras during their meeting.
Public Vote and U-Turn
In July 2015, those harsh bailout terms were put to a public vote, a move that threw the EU into a deeper crisis of identity.
Although the vote was carried decisively by those who opposed austerity, the prime minister had little option but to ignore the result then agree to a bailout package with foreign lenders that proved to be more severe.
Final Straw
Tsipras claimed how he began to doubt his finance minister relatively soon.
“He was the public image of negotiation, the figure who attracted media attention, who appeared on the front pages of magazines the world over … he gave the impression he relished his new role.”
When the minister outlined a backup strategy that included establishing a secondary currency as well as distributing vouchers to pensioners, the leader said he realised it was the end and asked him: “Are you serious?”
Lasting Rebuke
In the book, the author asserts how his former ally demonstrated himself “unfit for an agreement demanding complex and delicate handling.”
He also claimed how Varoufakis's confrontational style made him more and more alone among peers, endangered the country, and helped hawks who were advocating Grexit.
This account of history has provoked anger along with shock in some quarters, while Varoufakis has maintained a deafening silence on the matter.
