In a recently unveiled personal account, titled Ithaki, the former prime minister Alexis Tsipras pulls no punches as he revisits the chaotic era of Greece's debt drama.
An Unconventional Appointment
As per Tsipras's version, Tsipras selected the maverick economist Varoufakis as his finance minister primarily due to the latter's worldwide fame and his very persuasive abilities as a speaker.
“He was, in reality, more of a celebrity and less of an economist,” wrote the 51-year-old.
Conflicting Priorities
The former leader claims that Varoufakis had his own motives which included promoting his books and experimenting with his economic models using Greece rather than genuinely advocating the country's economic stability.
He noted that the talks to prevent bankruptcy became “not only a way to secure improved terms for Greece. They were an experiment, an historic chance to demonstrate the validity of Varoufakis's economic theories.”
Critical Talks
During rollercoaster discussions, Greece came perilously close to exiting the eurozone.
At stake lay both the country's future and those harsh cutbacks required in return for bailout funds from international creditors.
Failed Alternatives
Attempts to find funds elsewhere, such as an urgent plea to Russia to buy Greek bonds, went unanswered.
Assisting the indebted country would be tantamount to tossing cash in the trash-can, the Russian leader reportedly informed his Greek counterpart during their meeting.
Referendum Followed by Reversal
That summer, those excoriating conditions were subjected to a public vote, an action that plunged the EU into a further existential crisis.
Although the referendum was won resoundingly by those against the cuts, the prime minister had little option but to ignore the result and negotiate a rescue deal from foreign lenders which proved to be more severe.
Final Straw
The ex-PM revealed that he started questioning Varoufakis relatively soon.
“He was the face of the talks, the man who attracted media attention, who appeared on the covers of publications the world over … he gave the impression he relished his new role.”
After the minister proposed a contingency plan involving establishing a secondary currency as well as issuing coupons to retirees, Tsipras knew it was game over and asked Varoufakis: “Can you be serious?”
Lasting Rebuke
In the memoir, Tsipras asserts that Varoufakis had proved himself “unsuitable for an agreement that required intricate and delicate handling.”
Tsipras also claimed how Varoufakis's aggressive style left him increasingly isolated among peers, endangered the country, while assisted hawks who were pushing for Grexit.
The account of events has been met with fury and shock among certain groups, whereas the former minister has maintained a conspicuous quiet on the matter.
