In a newly released autobiography, titled Ithaki, the ex- prime minister Alexis Tsipras does not hold back while he examines that chaotic era during Greece's financial crisis.
A Controversial Appointment
In the ex-PM's account, he selected the maverick economist Varoufakis as the finance minister mainly due to his international reputation along with Varoufakis's very persuasive abilities when it came to public orator.
“He was, actually, more like a personality and less of an economic expert,” stated Tsipras.
Conflicting Priorities
The former leader alleges that Varoufakis had a personal motives that involved promoting Varoufakis's publications as well as testing out his own economic models on the nation rather than genuinely advocating its financial survival.
Tsipras noted that those negotiations to stave off bankruptcy were “not just a way to secure improved terms for Greece. They were an experiment, a monumental opportunity to prove the validity of his economic theories.”
Critical Negotiations
During volatile discussions, the country came perilously on the brink of exiting the single currency area.
At stake lay not only the country's destiny but also those harsh cutbacks required in exchange for financial aid by international creditors.
Unsuccessful Alternatives
Efforts to secure financing from other sources, such as a desperate plea to Russia to purchase Greek government bonds, fell on stony ground.
Assisting Greece would be equivalent to throwing money in the trash-can, Putin is reputed to have informed Tsipras in Moscow.
Public Vote and U-Turn
That summer, those punitive bailout terms were put to a popular referendum, an action which threw the EU into deeper existential crisis.
Although the referendum was carried resoundingly by those against the cuts, the prime minister had little option to ignore the result and negotiate a bailout package from foreign lenders which proved to be tougher.
Breaking Point
The ex-PM claimed that he began to doubt Varoufakis quite early on.
“Varoufakis was the face of the talks, the man who drew publicity, who graced the covers of publications the world over … he gave the impression he was enjoying the spotlight.”
When the minister outlined a contingency plan that included establishing a secondary currency and issuing vouchers to retirees, Tsipras said he realised that it was game over questioning Varoufakis: “Is this for real?”
Enduring Criticism
Within the memoir, Tsipras asserts how his former ally had proved himself to be “unsuitable for a deal that required complex and sensitive handling.”
Tsipras further claimed how his aggressive style made him more and more alone among peers, put Greece at risk, while helped hardliners who were pushing for Grexit.
The account of history has been met with fury along with stunned disbelief among certain groups, while the former minister has maintained a conspicuous quiet regarding these claims.
