In a freshly published autobiography, named Ithaki, the ex- prime minister Alexis Tsipras does not hold back while he examines the chaotic era during Greece's debt drama.
A Controversial Choice
As per the ex-PM's recollections, he appointed the maverick academic Varoufakis to be his treasury head largely due to his global profile along with Varoufakis's “extremely attractive” abilities when it came to communicator.
“He was, actually, more of a celebrity and less of an economist,” recalled Tsipras.
Conflicting Agendas
Tsipras alleges that his finance chief possessed his own motives which involved promoting his books and experimenting with his own economic models on the nation instead of genuinely fighting for its economic stability.
He noted how those discussions to prevent bankruptcy were “not only a method of achieving a better deal for Greece. They became a test, a monumental opportunity to prove the validity of Varoufakis's economic theories.”
High-Stakes Negotiations
During tense discussions, Greece found itself perilously close to exiting the single currency area.
At stake lay both Greece's destiny and the punishing austerity policies required in return for bailout funds from foreign lenders.
Failed Alternatives
Efforts to secure financing from other sources, including an urgent plea to the Kremlin to purchase Greek government bonds, were rejected.
Assisting the indebted country would be equivalent to throwing money in the trash-can, Putin is reputed to have told his Greek counterpart during their meeting.
Public Vote Followed by Reversal
In July 2015, the punitive bailout terms were put to a public vote, a move that threw Europe into deeper crisis of identity.
Even though the referendum was won decisively by voters against austerity, the prime minister was forced but to reject its outcome then negotiate a rescue deal with foreign lenders that turned out to be more severe.
Final Straw
Tsipras claimed how he began to doubt his finance minister quite early on.
“He was the public image of negotiation, the figure who attracted media attention, who graced the covers of publications the world over … he gave the impression he was enjoying the spotlight.”
When Varoufakis outlined a backup strategy that included establishing a parallel currency and issuing vouchers to retirees, Tsipras said he realised it was game over and asked him: “Can you be serious?”
Enduring Criticism
In the memoir, the author asserts that Varoufakis had proved himself to be “unfit for a deal demanding complex and sensitive handling.”
Tsipras also wrote that Varoufakis's confrontational style left him increasingly isolated among peers, endangered the country, and helped hardliners who were advocating Grexit.
The account of history has been met with anger along with stunned disbelief in some quarters, whereas the former minister has so far kept a deafening silence on the matter.
