In a recently unveiled memoir, called Ithaki, the ex- prime minister Alexis Tsipras pulls no punches while he examines the chaotic period of Greece's financial crisis.
A Controversial Appointment
As per Tsipras's recollections, Tsipras selected that maverick economist Varoufakis as the finance minister primarily because of his worldwide fame and Varoufakis's very persuasive abilities as a communicator.
“He was, truthfully, more of a star and less of an economic expert,” recalled the 51-year-old.
Clashing Agendas
The former leader alleges how his finance chief possessed his own motives which included advancing his books as well as testing out his own economic models on Greece rather than genuinely advocating its economic stability.
He noted that those negotiations to stave off bankruptcy became “not just a way to secure improved terms for the country. They became an experiment, an historic opportunity to demonstrate the truth of Varoufakis's theories.”
High-Stakes Negotiations
Amid rollercoaster discussions, Greece came dangerously on the brink of leaving the single currency area.
At stake was not only the country's destiny but also those punishing austerity policies required in exchange for bailout funds by international creditors.
Failed Options
Attempts to find financing elsewhere, such as a desperate plea to Russia to purchase Greek bonds, went unanswered.
Assisting the indebted country was tantamount to throwing money in the trash-can, Putin is reputed to have told Tsipras in Moscow.
Public Vote and Reversal
In July 2015, those punitive conditions were put to a popular referendum, an action that plunged the EU into a further existential crisis.
Although the vote was won decisively by those who opposed austerity, the prime minister had little option but to reject its outcome then agree to a bailout package with foreign lenders which proved to be more severe.
Breaking Point
The ex-PM claimed how he began to doubt Varoufakis relatively soon.
“Varoufakis was the face of negotiation, the man who drew publicity, who appeared on the front pages of publications globally … he gave the impression he relished his new role.”
After the minister outlined a contingency plan that included establishing a secondary currency as well as issuing vouchers to retirees, the leader said he realised that it was the end and asked him: “Can you be serious?”
Enduring Criticism
Within the memoir, the author concludes that Varoufakis demonstrated himself “unfit for a deal that required intricate and sensitive handling.”
Tsipras further claimed how his confrontational style made him more and more alone among peers, endangered the country, while helped hawks that were pushing for Grexit.
The account of events has been met with fury along with stunned disbelief among certain groups, while Varoufakis has so far maintained a deafening silence regarding these claims.
