Within his recently unveiled personal account, titled Ithaki, the ex- prime minister Alexis Tsipras spares no criticism as he examines that turbulent era during Greece's debt drama.
An Unconventional Choice
In Tsipras's account, he chose the unorthodox academic Varoufakis as the finance minister largely because of the latter's worldwide fame along with his very persuasive skills as a communicator.
“In reality, he was, in reality, more like a star rather than an economist,” recalled Tsipras.
Conflicting Priorities
Tsipras alleges how Varoufakis possessed a personal motives which included advancing his books as well as testing out his own theories on the nation rather than truly advocating its financial survival.
Tsipras wrote that the talks to prevent bankruptcy were “not just a method to secure a better deal for Greece. They became an experiment, an historic opportunity to demonstrate the truth of his ideas.”
Critical Talks
Amid rollercoaster discussions, Greece came dangerously close to leaving the single currency area.
At stake was both the country's future and those punishing austerity measures required in exchange for bailout funds from foreign lenders.
Failed Alternatives
Efforts to secure financing from other sources, such as an urgent appeal to Russia to purchase Greek government bonds, went unanswered.
Helping the indebted country was tantamount to throwing money into the garbage, Putin is reputed to have told Tsipras during their meeting.
Public Vote Followed by Reversal
In July 2015, those harsh bailout terms were put to a popular referendum, an action which threw the EU into further crisis of identity.
Even though the referendum was won resoundingly by those against austerity, the prime minister was forced to ignore the result then negotiate a bailout package from foreign lenders that turned out to be tougher.
Breaking Point
Tsipras claimed that he started questioning his finance minister relatively soon.
“He was the public image of negotiation, the man who drew media attention, who appeared on the covers of publications the world over … he gave the impression he was enjoying the spotlight.”
When the minister proposed a backup strategy that included creating a secondary currency as well as distributing vouchers to pensioners, Tsipras said he realised it was the end and asked Varoufakis: “Are you serious?”
Enduring Criticism
Within the book, the author asserts that Varoufakis had proved himself to be “unsuitable for a deal that required complex and delicate handling.”
He further wrote that Varoufakis's aggressive approach made him increasingly isolated among peers, endangered the country, and assisted hawks who were pushing for Grexit.
This retelling of events has provoked anger along with shock among certain groups, while Varoufakis has so far kept a deafening silence regarding these claims.
