In a freshly published personal account, named Ithaki, the former premier Alexis Tsipras spares no criticism while he examines that chaotic era during Greece's debt drama.
An Unconventional Choice
According to Tsipras's account, he appointed the maverick economist Varoufakis as his treasury head largely due to his global profile and his very persuasive skills as a communicator.
“He was, in reality, more like a personality rather than an economic expert,” stated Tsipras.
Conflicting Priorities
The former leader suggests that Varoufakis possessed a personal agenda which involved promoting his books and experimenting with his own theories using Greece rather than truly advocating its financial survival.
Tsipras explained that the discussions to stave off insolvency became “not just a method of achieving a better deal for the country. They were a test, an historic opportunity to demonstrate the truth of his economic theories.”
Critical Negotiations
Amid tense discussions, the country found itself dangerously close to exiting the single currency area.
On the line was both Greece's destiny and those harsh austerity policies required in return for bailout funds by international creditors.
Failed Options
Efforts to find financing from other sources, such as an urgent appeal to the Kremlin to buy Greek government bonds, fell on stony ground.
Helping Greece would be tantamount to tossing cash in the trash-can, Putin reportedly informed his Greek counterpart during their meeting.
Public Vote Followed by Reversal
That summer, the punitive bailout terms were put to a popular referendum, an action which threw the EU into a further crisis of identity.
Even though the referendum was carried decisively by voters against the cuts, the prime minister was forced but to reject its outcome and agree to a rescue deal with creditors that proved to be tougher.
Breaking Point
The ex-PM revealed how he started questioning his finance minister quite early on.
“He was the public image of the talks, the figure who attracted publicity, who graced the covers of magazines the world over … he gave the impression he was enjoying the spotlight.”
When Varoufakis outlined a backup strategy that included creating a parallel currency as well as distributing coupons to pensioners, the leader knew it was the end and asked Varoufakis: “Can you be serious?”
Enduring Criticism
In the book, the author asserts how his former ally had proved himself to be “unsuitable for a deal demanding intricate and delicate handling.”
He further claimed that Varoufakis's confrontational approach made him increasingly isolated with colleagues, put Greece at risk, and helped hardliners that were advocating a Greek exit from the euro.
This account of history has provoked fury along with shock among certain groups, while the former minister has so far maintained a conspicuous quiet on the matter.
