Within his newly released personal account, titled Ithaki, the ex- premier Alexis Tsipras pulls no punches as he examines the chaotic period of Greece's economic turmoil.
A Controversial Appointment
In Tsipras's version, he selected the unorthodox economist Varoufakis to be his treasury head largely due to the latter's worldwide fame along with Varoufakis's highly compelling abilities when it came to speaker.
“In reality, he was, truthfully, more like a celebrity rather than an economic expert,” stated the 51-year-old.
Clashing Agendas
The former leader claims how his finance chief possessed his own motives which included promoting Varoufakis's publications as well as experimenting with his theories on the nation instead of genuinely fighting for its financial survival.
He explained how those negotiations to avoid bankruptcy were “not just a way to secure a better deal for Greece. They were an experiment, a monumental opportunity to demonstrate the validity of his ideas.”
Critical Negotiations
Amid volatile negotiations, Greece came dangerously close to exiting the single currency area.
At stake lay not only Greece's future but also the severe cutbacks required in exchange for bailout funds by international creditors.
Failed Alternatives
Attempts to find financing from other sources, including a desperate appeal to Russia to buy Greek bonds, went unanswered.
Assisting the indebted country was tantamount to throwing money in the trash-can, Putin reportedly told Tsipras during their meeting.
Referendum Followed by U-Turn
That summer, the punitive conditions were subjected to a popular referendum, a move that threw Europe into deeper existential crisis.
Even though the referendum was won resoundingly by those against austerity, the prime minister was forced but to ignore the result and agree to a rescue deal with creditors which proved to be even harsher.
Final Straw
Tsipras revealed how he started questioning Varoufakis relatively soon.
“Varoufakis was the face of negotiation, the figure who drew media attention, who graced the front pages of publications globally … it seemed he was enjoying the spotlight.”
When the minister outlined a backup strategy that included establishing a secondary currency as well as distributing coupons to retirees, the leader knew it was game over questioning Varoufakis: “Is this for real?”
Enduring Criticism
In the book, Tsipras concludes how his former ally demonstrated himself “unfit for an agreement that required complex and delicate management.”
He further claimed how Varoufakis's confrontational approach left him increasingly isolated with colleagues, endangered the country, and assisted hardliners that were advocating a Greek exit from the euro.
The retelling of events has provoked fury along with shock in some quarters, whereas the former minister has so far kept a conspicuous quiet regarding these claims.
