In a recently unveiled memoir, named Ithaki, the former leader Alexis Tsipras does not hold back as he examines the turbulent era during Greece's debt drama.
An Unconventional Appointment
In Tsipras's recollections, he chose that unorthodox academic Varoufakis as his finance minister mainly due to his global profile and Varoufakis's very persuasive skills as a public orator.
“In reality, he was, truthfully, more like a star and less of an economic expert,” wrote Tsipras.
Conflicting Agendas
Tsipras claims that Varoufakis had his own motives which included promoting Varoufakis's books as well as testing out his own economic models using Greece rather than genuinely advocating its economic stability.
Tsipras wrote that those talks to stave off bankruptcy were “not just a method to secure a better deal for the country. They became a test, a monumental opportunity to prove the truth of Varoufakis's theories.”
High-Stakes Negotiations
Amid rollercoaster negotiations, Greece came perilously on the brink of leaving the single currency area.
On the line was not only Greece's destiny and the severe austerity policies required in return for rescue loans by foreign lenders.
Unsuccessful Options
Efforts to find financing from other sources, such as an urgent appeal to the Kremlin to buy Greek government bonds, fell on stony ground.
Helping the indebted country would be equivalent to throwing money into the garbage, Putin is reputed to have told his Greek counterpart during their meeting.
Referendum and Reversal
In July 2015, the harsh conditions were subjected to a public vote, an action which threw Europe into deeper crisis of identity.
Although the referendum was won resoundingly by those who opposed the cuts, Tsipras was forced but to reject its outcome then agree to a bailout package with creditors that turned out to be more severe.
Breaking Point
Tsipras claimed that he began to doubt his finance minister relatively soon.
“He was the public image of negotiation, the man who attracted media attention, who graced the front pages of magazines the world over … he gave the impression he relished the spotlight.”
After the minister outlined a contingency plan that included establishing a secondary currency and issuing vouchers to pensioners, Tsipras knew it was the end and asked Varoufakis: “Can you be serious?”
Enduring Criticism
Within the memoir, Tsipras asserts that Varoufakis demonstrated himself to be “unsuitable for an agreement demanding complex and sensitive management.”
Tsipras also claimed how Varoufakis's aggressive approach left him increasingly isolated with colleagues, endangered the country, and helped hardliners that were advocating a Greek exit from the euro.
This account of events has provoked anger along with stunned disbelief among certain groups, whereas Varoufakis has maintained a deafening silence on the matter.
