In a newly released memoir, called Ithaki, the ex- prime minister Alexis Tsipras does not hold back as he examines the chaotic era during Greece's debt drama.
A Controversial Appointment
According to Tsipras's recollections, Tsipras chose the maverick economist Varoufakis as his finance minister mainly due to his worldwide fame and Varoufakis's very persuasive abilities as a speaker.
“He was, truthfully, more like a celebrity rather than an economic expert,” stated the 51-year-old.
Clashing Agendas
Tsipras suggests how Varoufakis possessed a personal motives which included promoting his books as well as testing out his game theories using the nation rather than truly advocating the country's financial survival.
Tsipras wrote that those talks to stave off bankruptcy were “not only a way to secure improved terms for the country. They were an experiment, an historic chance to prove the validity of his ideas.”
High-Stakes Negotiations
Amid volatile negotiations, Greece came dangerously close to leaving the eurozone.
At stake was not only Greece's future and those harsh austerity measures required in return for financial aid by international creditors.
Unsuccessful Alternatives
Efforts to secure financing elsewhere, including an urgent plea to Russia to purchase Greek bonds, fell on stony ground.
Helping Greece was tantamount to throwing money into the garbage, the Russian leader is reputed to have informed his Greek counterpart during their meeting.
Public Vote Followed by U-Turn
That summer, those harsh bailout terms were put to a public vote, a move which threw Europe into a further existential crisis.
Although the vote was won decisively by voters against austerity, Tsipras had little option but to ignore the result and negotiate a bailout package from creditors that turned out to be tougher.
Final Straw
Tsipras claimed how he started questioning his finance minister quite early on.
“He was the face of the talks, the man who drew publicity, who appeared on the front pages of publications globally … he gave the impression he was enjoying the spotlight.”
After the minister outlined a contingency plan that included establishing a parallel currency as well as issuing coupons to pensioners, the leader knew that it was game over questioning Varoufakis: “Are you serious?”
Lasting Rebuke
In the book, Tsipras asserts that his former ally had proved himself “unfit for a deal that required intricate and sensitive management.”
He also claimed that his confrontational approach left him increasingly isolated with colleagues, endangered the country, while assisted hawks who were pushing for a Greek exit from the euro.
This account of history has provoked fury along with shock among certain groups, whereas Varoufakis has so far maintained a conspicuous quiet on the matter.
