In a recently unveiled memoir, titled Ithaki, the former leader Alexis Tsipras spares no criticism while he reflects on that turbulent era during Greece's debt drama.
A Controversial Appointment
As per Tsipras's recollections, Tsipras appointed the maverick economist Varoufakis to be his treasury head largely because of the latter's global profile and Varoufakis's very persuasive abilities when it came to communicator.
“In reality, he was, in reality, more of a celebrity and less of an economist,” wrote the 51-year-old.
Conflicting Agendas
Tsipras alleges that his finance chief had a personal agenda that included advancing his publications and experimenting with his own economic models using the nation instead of truly advocating its financial survival.
He explained how the discussions to avoid insolvency were “not just a method of achieving a better deal for Greece. They became an experiment, an historic chance to prove the validity of Varoufakis's theories.”
Critical Negotiations
Amid volatile discussions, Greece came dangerously on the brink of leaving the eurozone.
At stake was not only Greece's future and the punishing austerity policies demanded in return for financial aid by international creditors.
Failed Alternatives
Efforts to find financing elsewhere, such as an urgent appeal to Russia to buy Greek government bonds, went unanswered.
Helping the indebted country would be equivalent to tossing cash into the garbage, Putin reportedly informed Tsipras during their meeting.
Public Vote and Reversal
In July 2015, the punitive bailout terms were subjected to a public vote, an action which plunged the EU into further crisis of identity.
Although the referendum was won resoundingly by voters who opposed austerity, the prime minister was forced but to reject its outcome and negotiate a rescue deal with foreign lenders which turned out to be more severe.
Final Straw
Tsipras revealed how he began to doubt his finance minister quite early on.
“He was the face of negotiation, the man who attracted media attention, who graced the front pages of publications the world over … he gave the impression he was enjoying the spotlight.”
After the minister outlined a contingency plan involving establishing a parallel currency as well as issuing coupons to retirees, Tsipras said he realised that it was game over questioning him: “Is this for real?”
Lasting Criticism
Within the memoir, the author asserts that Varoufakis had proved himself “unsuitable for an agreement demanding complex and sensitive management.”
Tsipras further claimed that his aggressive style left him more and more alone with colleagues, put Greece at risk, while helped hawks who were pushing for Grexit.
The retelling of history has been met with fury and stunned disbelief among certain groups, while the former minister has maintained a deafening silence on the matter.
