Within his recently unveiled memoir, called Ithaki, the ex- prime minister Alexis Tsipras does not hold back as he examines that chaotic period of Greece's debt drama.
A Controversial Choice
As per Tsipras's recollections, Tsipras appointed that maverick academic Varoufakis to be his finance minister largely because of the latter's global profile and his “extremely attractive” abilities when it came to speaker.
“In reality, he was, truthfully, more of a star and less of an economist,” wrote Tsipras.
Clashing Priorities
The former leader alleges how his finance chief had his own motives that involved advancing Varoufakis's publications as well as testing out his own theories on Greece rather than truly advocating the country's financial survival.
Tsipras explained that those talks to stave off bankruptcy became “not only a way to secure a better deal for the country. They became a test, an historic chance to prove the truth of Varoufakis's economic theories.”
Critical Talks
During tense negotiations, Greece found itself perilously on the brink of exiting the single currency area.
On the line lay not only the country's destiny and the harsh austerity policies demanded in exchange for bailout funds by international creditors.
Unsuccessful Alternatives
Attempts to find funds elsewhere, including a desperate plea to Russia to purchase Greek government bonds, were rejected.
Helping the indebted country would be tantamount to tossing cash in the trash-can, the Russian leader is reputed to have informed his Greek counterpart in Moscow.
Referendum and Reversal
That summer, those harsh conditions were subjected to a public vote, an action that threw the EU into a further existential crisis.
Although the vote was won resoundingly by those against the cuts, Tsipras had little option but to reject its outcome then negotiate a rescue deal from creditors which turned out to be tougher.
Final Straw
The ex-PM claimed how he began to doubt Varoufakis quite early on.
“He was the public image of negotiation, the figure who attracted media attention, who appeared on the covers of publications globally … it seemed he relished his new role.”
When the minister outlined a backup strategy involving creating a parallel currency and distributing coupons to pensioners, Tsipras knew that it was the end and asked him: “Can you be serious?”
Enduring Criticism
Within the memoir, Tsipras asserts how Varoufakis had proved himself to be “unsuitable for an agreement demanding intricate and sensitive management.”
He further wrote that his confrontational style made him more and more alone with colleagues, endangered the country, while assisted hardliners that were advocating a Greek exit from the euro.
This account of history has provoked fury along with stunned disbelief in some quarters, whereas the former minister has so far kept a conspicuous quiet regarding these claims.
