In a newly released personal account, titled Ithaki, the ex- premier Alexis Tsipras spares no criticism while he examines the turbulent era of Greece's debt drama.
An Unconventional Choice
According to the ex-PM's version, he chose the unorthodox economist Varoufakis as the treasury head largely due to his international reputation along with his “extremely attractive” skills as a speaker.
“In reality, he was, actually, more like a star rather than an economic expert,” stated Tsipras.
Clashing Priorities
Tsipras claims how his finance chief had a personal agenda which involved promoting his publications and experimenting with his theories on the nation instead of truly fighting for the country's economic stability.
He wrote that those discussions to avoid insolvency became “not just a method to secure a better deal for Greece. They became an experiment, a monumental opportunity to prove the validity of his ideas.”
High-Stakes Talks
During rollercoaster discussions, Greece found itself dangerously close to exiting the single currency area.
At stake was not only Greece's destiny and those severe cutbacks demanded in return for rescue loans by foreign lenders.
Unsuccessful Alternatives
Efforts to secure funds elsewhere, including a desperate plea to the Kremlin to purchase Greek government bonds, fell on stony ground.
Helping the indebted country was tantamount to throwing money into the garbage, Putin reportedly told his Greek counterpart in Moscow.
Referendum and Reversal
In July 2015, the excoriating bailout terms were put to a public vote, an action that threw Europe into further crisis of identity.
Although the vote was carried resoundingly by those who opposed austerity, the prime minister was forced but to reject its outcome and agree to a rescue deal with foreign lenders which proved to be more severe.
Breaking Point
Tsipras revealed how he started questioning his finance minister relatively soon.
“He was the public image of negotiation, the figure who drew media attention, who graced the front pages of publications globally … it seemed he relished his new role.”
After Varoufakis outlined a backup strategy that included creating a parallel currency as well as issuing vouchers to pensioners, the leader said he realised that it was the end and asked him: “Is this for real?”
Enduring Rebuke
In the book, the author asserts how his former ally demonstrated himself to be “unsuitable for a deal demanding intricate and delicate handling.”
He also claimed that his confrontational approach made him increasingly isolated with colleagues, put Greece at risk, while helped hawks that were advocating Grexit.
This account of history has provoked fury and stunned disbelief in some quarters, whereas Varoufakis has so far maintained a deafening silence regarding these claims.
