In a freshly published memoir, named Ithaki, the ex- premier Alexis Tsipras spares no criticism while he revisits the chaotic period of Greece's debt drama.
A Controversial Appointment
According to Tsipras's account, he selected that unorthodox academic Varoufakis to be his finance minister largely due to his global profile along with his very persuasive skills when it came to communicator.
“In reality, he was, actually, more of a star rather than an economist,” wrote Tsipras.
Clashing Agendas
Tsipras suggests how Varoufakis had a personal motives that involved advancing Varoufakis's publications as well as experimenting with his own economic models using the nation rather than truly fighting for the country's economic stability.
He noted that those talks to avoid bankruptcy became “not only a method to secure a better deal for Greece. They were an experiment, an historic opportunity to prove the truth of his ideas.”
High-Stakes Talks
Amid rollercoaster negotiations, Greece found itself dangerously on the brink of exiting the single currency area.
On the line was both the country's future and the severe austerity measures required in return for bailout funds from foreign lenders.
Unsuccessful Alternatives
Efforts to find financing elsewhere, such as an urgent plea to the Kremlin to buy Greek bonds, were rejected.
Helping Greece would be equivalent to throwing money into the garbage, the Russian leader reportedly told his Greek counterpart in Moscow.
Referendum and Reversal
In July 2015, those harsh bailout terms were put to a public vote, a move that threw the EU into a deeper existential crisis.
Even though the referendum was won decisively by voters who opposed austerity, Tsipras had little option to ignore the result and agree to a rescue deal with creditors that turned out to be even harsher.
Breaking Point
Tsipras revealed how he began to doubt his finance minister relatively soon.
“He was the face of negotiation, the man who attracted media attention, who graced the covers of publications globally … it seemed he was enjoying the spotlight.”
When the minister proposed a backup strategy that included creating a parallel currency as well as distributing vouchers to retirees, Tsipras knew that it was the end and asked him: “Are you serious?”
Enduring Criticism
In the book, Tsipras asserts that his former ally demonstrated himself “unsuitable for a deal demanding complex and sensitive handling.”
Tsipras further wrote that his confrontational approach made him increasingly isolated with colleagues, put Greece at risk, and assisted hardliners who were advocating Grexit.
The retelling of events has provoked fury along with shock among certain groups, whereas the former minister has kept a conspicuous quiet on the matter.
