Within his freshly published personal account, titled Ithaki, the ex- prime minister Alexis Tsipras spares no criticism as he revisits that chaotic era during Greece's debt drama.
An Unconventional Appointment
According to Tsipras's recollections, Tsipras chose that unorthodox economist Varoufakis to be his finance minister mainly due to his international reputation along with Varoufakis's highly compelling skills when it came to public orator.
“In reality, he was, actually, more like a star rather than an economic expert,” wrote Tsipras.
Conflicting Agendas
Tsipras alleges that his finance chief possessed a personal agenda which involved promoting Varoufakis's publications and experimenting with his theories using the nation rather than truly advocating the country's economic stability.
He noted how the discussions to avoid insolvency were “not only a way of achieving improved terms for Greece. They became a test, an historic opportunity to demonstrate the validity of Varoufakis's theories.”
Critical Talks
Amid rollercoaster discussions, the country came perilously on the brink of leaving the single currency area.
At stake lay not only the country's destiny and those punishing cutbacks demanded in exchange for rescue loans by foreign lenders.
Failed Options
Efforts to find funds from other sources, including an urgent appeal to Russia to purchase Greek government bonds, went unanswered.
Helping the indebted country was tantamount to throwing money into the garbage, the Russian leader reportedly informed his Greek counterpart in Moscow.
Referendum and U-Turn
In July 2015, the harsh conditions were subjected to a popular referendum, a move that threw Europe into further existential crisis.
Even though the referendum was won decisively by those against the cuts, Tsipras had little option to reject its outcome and negotiate a rescue deal from foreign lenders that proved to be tougher.
Breaking Point
The ex-PM claimed how he began to doubt his finance minister relatively soon.
“Varoufakis was the face of negotiation, the man who attracted publicity, who graced the covers of publications the world over … it seemed he relished the spotlight.”
When Varoufakis outlined a contingency plan involving establishing a parallel currency as well as distributing vouchers to pensioners, the leader said he realised that it was game over and asked him: “Are you serious?”
Enduring Criticism
In the book, Tsipras concludes how his former ally had proved himself “unsuitable for an agreement demanding intricate and sensitive handling.”
Tsipras further wrote that his aggressive style made him increasingly isolated among peers, put Greece at risk, and assisted hardliners who were advocating Grexit.
This retelling of events has been met with anger along with stunned disbelief in some quarters, whereas the former minister has so far maintained a deafening silence on the matter.
