Within his freshly published memoir, titled Ithaki, the former premier Alexis Tsipras does not hold back while he revisits the chaotic era during Greece's debt drama.
A Controversial Appointment
As per the ex-PM's account, he chose that unorthodox economist Varoufakis as the finance minister primarily because of the latter's worldwide fame and his “extremely attractive” abilities as a speaker.
“In reality, he was, in reality, more like a celebrity rather than an economist,” stated the 51-year-old.
Clashing Priorities
The former leader claims how his finance chief had his own motives which included advancing Varoufakis's publications as well as testing out his own economic models on the nation instead of truly advocating its financial survival.
He wrote that the negotiations to avoid insolvency became “not only a method of achieving a better deal for the country. They became a test, an historic opportunity to prove the truth of Varoufakis's ideas.”
High-Stakes Negotiations
Amid volatile negotiations, Greece found itself dangerously close to leaving the eurozone.
On the line was both Greece's destiny but also those punishing austerity policies demanded in exchange for rescue loans by foreign lenders.
Unsuccessful Alternatives
Efforts to secure funds from other sources, such as an urgent appeal to Russia to purchase Greek government bonds, were rejected.
Helping the indebted country was equivalent to throwing money into the garbage, Putin is reputed to have told his Greek counterpart in Moscow.
Referendum Followed by U-Turn
That summer, those excoriating bailout terms were put to a public vote, an action which plunged Europe into further existential crisis.
Even though the vote was carried decisively by voters who opposed the cuts, the prime minister was forced to ignore the result then agree to a rescue deal from creditors that turned out to be even harsher.
Final Straw
Tsipras revealed how he started questioning his finance minister quite early on.
“Varoufakis was the public image of the talks, the figure who attracted media attention, who appeared on the front pages of publications the world over … it seemed he relished the spotlight.”
When the minister proposed a backup strategy that included establishing a parallel currency and distributing vouchers to pensioners, Tsipras knew that it was game over questioning Varoufakis: “Are you serious?”
Enduring Criticism
In the memoir, Tsipras asserts how Varoufakis demonstrated himself “unsuitable for a deal that required intricate and sensitive handling.”
Tsipras further claimed that his aggressive style made him more and more alone with colleagues, endangered the country, while helped hardliners that were advocating Grexit.
The account of events has been met with anger and stunned disbelief among certain groups, whereas the former minister has so far kept a deafening silence on the matter.
