Within his freshly published memoir, titled Ithaki, the former leader Alexis Tsipras does not hold back as he examines that turbulent era of Greece's financial crisis.
A Controversial Choice
As per Tsipras's account, Tsipras chose that maverick economist Varoufakis to be the treasury head primarily because of the latter's international reputation and his highly compelling skills as a communicator.
“In reality, he was, actually, more of a celebrity rather than an economic expert,” stated Tsipras.
Conflicting Agendas
Tsipras suggests how his finance chief had his own agenda which included advancing his books as well as experimenting with his theories using Greece rather than genuinely advocating its financial survival.
He explained that those discussions to stave off insolvency became “not just a method of achieving improved terms for Greece. They became an experiment, a monumental chance to prove the validity of his theories.”
High-Stakes Negotiations
Amid volatile negotiations, Greece found itself dangerously close to exiting the single currency area.
On the line was not only Greece's destiny and the harsh cutbacks required in return for rescue loans from international creditors.
Failed Alternatives
Attempts to secure funds elsewhere, including an urgent plea to Russia to buy Greek government bonds, went unanswered.
Assisting Greece would be tantamount to tossing cash into the garbage, the Russian leader is reputed to have told his Greek counterpart during their meeting.
Public Vote and Reversal
That summer, the punitive conditions were subjected to a public vote, an action that plunged Europe into a further existential crisis.
Even though the vote was carried resoundingly by those against austerity, the prime minister had little option to ignore the result and agree to a rescue deal from creditors which proved to be even harsher.
Final Straw
The ex-PM revealed how he started questioning his finance minister relatively soon.
“He was the face of negotiation, the figure who drew media attention, who graced the covers of publications the world over … he gave the impression he relished the spotlight.”
When Varoufakis outlined a contingency plan that included establishing a parallel currency and issuing vouchers to retirees, the leader said he realised that it was game over and asked him: “Can you be serious?”
Enduring Criticism
Within the memoir, the author asserts how his former ally demonstrated himself “unsuitable for an agreement demanding complex and delicate handling.”
Tsipras further claimed how Varoufakis's confrontational style left him more and more alone among peers, put Greece at risk, while assisted hawks who were pushing for Grexit.
The account of history has been met with anger along with stunned disbelief in some quarters, whereas Varoufakis has maintained a deafening silence regarding these claims.
