Within his recently unveiled personal account, named Ithaki, the former premier Alexis Tsipras does not hold back as he revisits the chaotic era of Greece's financial crisis.
An Unconventional Appointment
According to the ex-PM's account, Tsipras chose that unorthodox academic Varoufakis to be the finance minister mainly due to his international reputation and his highly compelling skills as a communicator.
“In reality, he was, actually, more like a celebrity and less of an economic expert,” wrote the 51-year-old.
Clashing Priorities
Tsipras claims that his finance chief possessed a personal motives that involved advancing Varoufakis's books and testing out his own economic models on the nation instead of truly fighting for its economic stability.
He wrote how those talks to stave off insolvency were “not only a way of achieving a better deal for Greece. They became a test, a monumental chance to demonstrate the validity of his theories.”
High-Stakes Talks
During rollercoaster negotiations, the country came perilously close to exiting the single currency area.
On the line lay both the country's destiny and those harsh austerity policies demanded in return for financial aid by foreign lenders.
Failed Alternatives
Efforts to find financing elsewhere, such as a desperate plea to the Kremlin to purchase Greek government bonds, went unanswered.
Helping Greece was tantamount to throwing money in the trash-can, the Russian leader reportedly informed Tsipras in Moscow.
Referendum and U-Turn
In July 2015, the excoriating bailout terms were put to a public vote, an action which threw Europe into a deeper existential crisis.
Even though the referendum was won decisively by voters who opposed the cuts, the prime minister was forced to ignore the result and agree to a bailout package from foreign lenders which turned out to be even harsher.
Final Straw
Tsipras claimed that he started questioning Varoufakis quite early on.
“He was the face of the talks, the man who drew media attention, who graced the covers of magazines the world over … he gave the impression he was enjoying his new role.”
When Varoufakis outlined a backup strategy involving establishing a parallel currency as well as distributing vouchers to retirees, Tsipras knew that it was game over questioning him: “Can you be serious?”
Lasting Criticism
In the memoir, the author concludes how his former ally demonstrated himself “unsuitable for a deal that required complex and sensitive management.”
He further claimed that his aggressive approach made him more and more alone with colleagues, put Greece at risk, and assisted hawks that were pushing for a Greek exit from the euro.
The retelling of events has provoked fury along with shock in some quarters, while the former minister has maintained a conspicuous quiet regarding these claims.
