Within his newly released personal account, titled Ithaki, the former leader Alexis Tsipras spares no criticism while he revisits the turbulent period during Greece's financial crisis.
An Unconventional Choice
According to Tsipras's recollections, he appointed the maverick economist Varoufakis as his treasury head largely because of his worldwide fame and Varoufakis's highly compelling skills as a speaker.
“He was, actually, more of a personality and less of an economic expert,” recalled Tsipras.
Clashing Agendas
The former leader claims that Varoufakis possessed his own agenda which involved promoting Varoufakis's publications and experimenting with his theories on Greece instead of truly fighting for its economic stability.
Tsipras noted that the discussions to prevent insolvency were “not only a method to secure a better deal for Greece. They were a test, an historic chance to prove the validity of his economic theories.”
High-Stakes Negotiations
Amid volatile discussions, the country found itself perilously close to leaving the single currency area.
On the line lay both the country's destiny and those punishing austerity policies required in return for rescue loans by foreign lenders.
Failed Alternatives
Attempts to find financing from other sources, including an urgent appeal to Russia to purchase Greek bonds, fell on stony ground.
Helping Greece was equivalent to tossing cash in the trash-can, the Russian leader is reputed to have informed his Greek counterpart in Moscow.
Public Vote and Reversal
In July 2015, those excoriating bailout terms were subjected to a popular referendum, a move that plunged Europe into a deeper crisis of identity.
Even though the vote was carried resoundingly by voters who opposed austerity, Tsipras was forced but to reject its outcome then agree to a bailout package with creditors which proved to be even harsher.
Breaking Point
Tsipras revealed that he began to doubt Varoufakis quite early on.
“Varoufakis was the face of the talks, the man who attracted publicity, who graced the covers of publications globally … he gave the impression he was enjoying his new role.”
After the minister outlined a contingency plan that included creating a secondary currency and distributing coupons to retirees, the leader knew that it was the end questioning him: “Is this for real?”
Enduring Criticism
Within the book, Tsipras concludes how his former ally demonstrated himself to be “unsuitable for an agreement demanding intricate and delicate management.”
He further claimed how his aggressive approach made him more and more alone with colleagues, endangered the country, and assisted hawks that were advocating a Greek exit from the euro.
This account of events has provoked fury along with shock among certain groups, whereas Varoufakis has so far kept a conspicuous quiet on the matter.
