Within his freshly published autobiography, titled Ithaki, the former prime minister Alexis Tsipras spares no criticism while he revisits that turbulent era of Greece's debt drama.
An Unconventional Appointment
In Tsipras's account, Tsipras appointed that maverick economist Varoufakis as his treasury head largely due to the latter's international reputation and Varoufakis's very persuasive abilities when it came to speaker.
“He was, in reality, more of a star and less of an economic expert,” stated the 51-year-old.
Clashing Agendas
The former leader claims how Varoufakis possessed his own motives which involved promoting Varoufakis's books as well as testing out his game theories using Greece instead of truly advocating the country's financial survival.
Tsipras wrote that the negotiations to prevent bankruptcy were “not only a way to secure improved terms for the country. They became an experiment, an historic chance to demonstrate the validity of Varoufakis's theories.”
High-Stakes Negotiations
Amid volatile negotiations, Greece came dangerously on the brink of leaving the eurozone.
On the line lay not only Greece's destiny but also the severe austerity policies demanded in return for rescue loans from international creditors.
Failed Alternatives
Efforts to find funds from other sources, such as a desperate appeal to Russia to buy Greek government bonds, fell on stony ground.
Assisting the indebted country was equivalent to tossing cash in the trash-can, the Russian leader reportedly told Tsipras during their meeting.
Referendum and Reversal
In July 2015, the excoriating bailout terms were subjected to a popular referendum, a move that threw Europe into further existential crisis.
Even though the referendum was carried resoundingly by those who opposed austerity, Tsipras had little option to ignore the result then agree to a bailout package with creditors which turned out to be even harsher.
Final Straw
The ex-PM revealed that he started questioning Varoufakis relatively soon.
“He was the public image of the talks, the figure who attracted media attention, who appeared on the covers of magazines globally … it seemed he was enjoying the spotlight.”
When the minister outlined a contingency plan that included establishing a parallel currency as well as issuing vouchers to retirees, the leader knew it was game over and asked Varoufakis: “Is this for real?”
Enduring Criticism
In the memoir, the author asserts how his former ally demonstrated himself “unsuitable for an agreement demanding complex and delicate management.”
He further claimed how Varoufakis's confrontational approach made him more and more alone with colleagues, put Greece at risk, and helped hawks that were advocating a Greek exit from the euro.
The account of history has been met with fury and stunned disbelief in some quarters, whereas the former minister has kept a conspicuous quiet on the matter.
