In a freshly published personal account, called Ithaki, the ex- prime minister Alexis Tsipras spares no criticism as he reflects on the turbulent period of Greece's financial crisis.
A Controversial Appointment
In Tsipras's account, Tsipras appointed that unorthodox academic Varoufakis as his finance minister primarily due to his international reputation along with his highly compelling abilities as a public orator.
“He was, truthfully, more of a celebrity and less of an economist,” stated the 51-year-old.
Clashing Priorities
The former leader suggests that Varoufakis had his own motives which included advancing his books as well as experimenting with his own economic models using the nation rather than truly fighting for the country's financial survival.
He wrote how those discussions to avoid insolvency became “not just a way to secure improved terms for Greece. They were a test, an historic opportunity to demonstrate the validity of his theories.”
Critical Negotiations
Amid tense discussions, Greece came dangerously on the brink of leaving the eurozone.
At stake lay both Greece's destiny and the harsh austerity policies required in return for rescue loans by international creditors.
Unsuccessful Alternatives
Attempts to find funds elsewhere, such as a desperate appeal to Russia to purchase Greek government bonds, went unanswered.
Helping Greece would be equivalent to throwing money into the garbage, Putin reportedly informed Tsipras in Moscow.
Public Vote and U-Turn
That summer, those excoriating bailout terms were subjected to a popular referendum, an action that threw the EU into a deeper existential crisis.
Even though the referendum was carried decisively by voters who opposed the cuts, the prime minister was forced but to reject its outcome and negotiate a rescue deal from creditors which proved to be tougher.
Breaking Point
The ex-PM revealed that he began to doubt his finance minister relatively soon.
“He was the face of the talks, the man who attracted publicity, who graced the covers of magazines the world over … he gave the impression he was enjoying his new role.”
After Varoufakis outlined a backup strategy that included establishing a parallel currency and issuing vouchers to pensioners, the leader said he realised that it was the end and asked Varoufakis: “Is this for real?”
Enduring Rebuke
Within the memoir, the author asserts how Varoufakis demonstrated himself to be “unfit for a deal that required complex and sensitive handling.”
He further claimed that his confrontational style left him increasingly isolated among peers, put Greece at risk, and helped hawks that were advocating Grexit.
This retelling of history has provoked anger along with shock among certain groups, whereas the former minister has so far kept a deafening silence on the matter.
