Within his freshly published memoir, named Ithaki, the ex- prime minister Alexis Tsipras does not hold back while he examines the turbulent period of Greece's debt drama.
An Unconventional Appointment
In Tsipras's account, he selected that unorthodox academic Varoufakis as his treasury head primarily due to the latter's international reputation and Varoufakis's very persuasive abilities as a speaker.
“In reality, he was, truthfully, more of a star rather than an economist,” stated Tsipras.
Clashing Priorities
Tsipras suggests how Varoufakis possessed his own motives which involved promoting Varoufakis's books and testing out his theories using Greece rather than genuinely fighting for its economic stability.
Tsipras noted that the negotiations to prevent bankruptcy became “not just a way to secure a better deal for Greece. They were an experiment, an historic chance to demonstrate the truth of Varoufakis's economic theories.”
Critical Negotiations
Amid volatile discussions, the country came dangerously on the brink of exiting the single currency area.
At stake lay both the country's future but also the severe austerity policies required in return for bailout funds from foreign lenders.
Unsuccessful Options
Attempts to secure financing from other sources, such as a desperate plea to the Kremlin to buy Greek bonds, fell on stony ground.
Helping the indebted country was equivalent to throwing money in the trash-can, Putin reportedly informed Tsipras during their meeting.
Referendum Followed by U-Turn
In July 2015, those punitive bailout terms were put to a popular referendum, a move that plunged Europe into a deeper crisis of identity.
Although the referendum was won decisively by those against austerity, the prime minister was forced to ignore the result and negotiate a rescue deal from creditors which turned out to be even harsher.
Breaking Point
The ex-PM claimed that he began to doubt his finance minister relatively soon.
“Varoufakis was the public image of the talks, the figure who attracted publicity, who appeared on the front pages of publications the world over … it seemed he relished his new role.”
When Varoufakis outlined a backup strategy that included creating a parallel currency as well as distributing vouchers to pensioners, Tsipras said he realised that it was game over and asked him: “Can you be serious?”
Enduring Rebuke
Within the memoir, the author asserts how his former ally had proved himself to be “unsuitable for a deal that required complex and sensitive management.”
Tsipras also wrote that Varoufakis's aggressive approach made him more and more alone among peers, put Greece at risk, while assisted hawks who were pushing for Grexit.
This account of history has provoked fury along with shock among certain groups, while Varoufakis has so far kept a deafening silence on the matter.
