In a recently unveiled memoir, named Ithaki, the ex- prime minister Alexis Tsipras pulls no punches as he revisits the chaotic period of Greece's financial crisis.
An Unconventional Choice
According to the ex-PM's recollections, Tsipras chose the maverick academic Varoufakis to be the finance minister largely because of his worldwide fame along with his very persuasive abilities as a speaker.
“In reality, he was, in reality, more of a celebrity rather than an economic expert,” wrote the 51-year-old.
Clashing Priorities
The former leader suggests how his finance chief possessed his own agenda which included promoting his books as well as testing out his economic models on Greece rather than genuinely fighting for its economic stability.
He noted how those negotiations to avoid bankruptcy became “not just a method to secure improved terms for Greece. They were an experiment, a monumental chance to prove the truth of Varoufakis's theories.”
Critical Talks
During rollercoaster negotiations, the country found itself dangerously on the brink of leaving the eurozone.
At stake was not only Greece's destiny and the harsh cutbacks required in exchange for financial aid from foreign lenders.
Unsuccessful Alternatives
Efforts to secure financing from other sources, such as an urgent appeal to the Kremlin to buy Greek bonds, went unanswered.
Assisting the indebted country would be equivalent to tossing cash into the garbage, Putin is reputed to have informed Tsipras during their meeting.
Public Vote and U-Turn
In July 2015, the harsh conditions were put to a public vote, a move which threw the EU into further crisis of identity.
Although the referendum was won resoundingly by voters who opposed austerity, the prime minister was forced to reject its outcome and negotiate a rescue deal from creditors which turned out to be more severe.
Breaking Point
The ex-PM claimed that he began to doubt Varoufakis quite early on.
“Varoufakis was the face of negotiation, the figure who attracted publicity, who graced the front pages of publications the world over … it seemed he relished the spotlight.”
After Varoufakis outlined a backup strategy that included establishing a parallel currency and distributing vouchers to pensioners, the leader knew that it was the end and asked him: “Are you serious?”
Lasting Criticism
Within the book, the author concludes how his former ally demonstrated himself “unfit for an agreement demanding intricate and sensitive handling.”
He further wrote that his confrontational style made him increasingly isolated among peers, endangered the country, and helped hawks that were advocating Grexit.
This retelling of history has provoked fury along with stunned disbelief in some quarters, while the former minister has maintained a conspicuous quiet on the matter.
