Within his newly released personal account, named Ithaki, the ex- leader Alexis Tsipras pulls no punches as he reflects on the turbulent period of Greece's financial crisis.
A Controversial Appointment
As per the ex-PM's recollections, Tsipras selected the unorthodox economist Varoufakis to be the treasury head primarily because of his worldwide fame along with Varoufakis's very persuasive abilities when it came to speaker.
“He was, in reality, more like a personality and less of an economist,” stated the 51-year-old.
Conflicting Agendas
The former leader claims that Varoufakis had a personal agenda which involved promoting his publications and testing out his theories using Greece instead of genuinely fighting for its financial survival.
He explained that the talks to avoid bankruptcy became “not only a way of achieving a better deal for the country. They became an experiment, an historic chance to prove the truth of his economic theories.”
High-Stakes Talks
Amid rollercoaster discussions, the country found itself perilously close to exiting the single currency area.
On the line was both Greece's future but also the punishing austerity policies required in exchange for bailout funds from foreign lenders.
Unsuccessful Options
Attempts to find financing from other sources, such as a desperate plea to the Kremlin to purchase Greek government bonds, went unanswered.
Assisting the indebted country would be equivalent to tossing cash in the trash-can, Putin reportedly told his Greek counterpart in Moscow.
Referendum Followed by Reversal
In July 2015, those excoriating conditions were put to a public vote, a move that threw Europe into further crisis of identity.
Although the referendum was won decisively by those against the cuts, the prime minister had little option to reject its outcome then negotiate a bailout package with foreign lenders which proved to be even harsher.
Breaking Point
Tsipras claimed how he began to doubt Varoufakis quite early on.
“He was the public image of the talks, the figure who drew publicity, who appeared on the covers of publications the world over … he gave the impression he relished the spotlight.”
When the minister outlined a backup strategy that included creating a parallel currency as well as issuing coupons to pensioners, the leader knew that it was the end questioning him: “Is this for real?”
Enduring Rebuke
Within the memoir, the author concludes that his former ally demonstrated himself “unfit for an agreement that required complex and sensitive handling.”
He also wrote that his confrontational style left him more and more alone among peers, put Greece at risk, while helped hardliners that were advocating Grexit.
The retelling of history has provoked anger and shock among certain groups, whereas Varoufakis has maintained a deafening silence on the matter.
