In a newly released personal account, named Ithaki, the former prime minister Alexis Tsipras does not hold back as he revisits that turbulent era of Greece's debt drama.
An Unconventional Choice
According to Tsipras's account, Tsipras chose the maverick economist Varoufakis to be his treasury head mainly due to his global profile along with his highly compelling skills as a speaker.
“In reality, he was, truthfully, more of a personality and less of an economist,” wrote Tsipras.
Clashing Priorities
Tsipras suggests that Varoufakis possessed a personal motives which involved advancing Varoufakis's books as well as testing out his own economic models using the nation rather than truly fighting for the country's economic stability.
Tsipras noted how those negotiations to avoid bankruptcy became “not just a method to secure a better deal for Greece. They became a test, a monumental chance to prove the truth of his theories.”
Critical Talks
Amid volatile discussions, Greece came perilously on the brink of leaving the single currency area.
At stake lay not only Greece's destiny and those punishing austerity measures required in exchange for rescue loans from international creditors.
Failed Alternatives
Attempts to find financing elsewhere, such as a desperate appeal to the Kremlin to buy Greek government bonds, fell on stony ground.
Helping Greece would be equivalent to throwing money into the garbage, the Russian leader is reputed to have informed his Greek counterpart in Moscow.
Referendum Followed by U-Turn
In July 2015, those harsh conditions were subjected to a public vote, an action that plunged Europe into deeper crisis of identity.
Although the vote was carried resoundingly by those who opposed the cuts, the prime minister had little option to reject its outcome then negotiate a bailout package with creditors that proved to be tougher.
Breaking Point
The ex-PM claimed that he started questioning his finance minister relatively soon.
“Varoufakis was the public image of negotiation, the man who attracted media attention, who appeared on the front pages of magazines the world over … he gave the impression he was enjoying his new role.”
After the minister proposed a backup strategy involving creating a parallel currency and distributing vouchers to pensioners, Tsipras said he realised it was game over and asked him: “Is this for real?”
Enduring Criticism
Within the book, Tsipras concludes how his former ally demonstrated himself to be “unsuitable for a deal that required intricate and delicate handling.”
He further claimed how Varoufakis's aggressive approach left him more and more alone with colleagues, endangered the country, while assisted hawks who were advocating a Greek exit from the euro.
This account of history has been met with anger and stunned disbelief in some quarters, while the former minister has so far kept a conspicuous quiet regarding these claims.
