Within his freshly published personal account, called Ithaki, the ex- premier Alexis Tsipras pulls no punches as he examines that turbulent period during Greece's debt drama.
An Unconventional Appointment
As per Tsipras's recollections, Tsipras chose the unorthodox economist Varoufakis to be the treasury head largely because of the latter's global profile and Varoufakis's highly compelling skills when it came to public orator.
“In reality, he was, actually, more of a celebrity rather than an economic expert,” stated Tsipras.
Conflicting Agendas
Tsipras alleges that Varoufakis possessed a personal motives that involved advancing Varoufakis's books and testing out his own game theories using Greece rather than genuinely advocating its economic stability.
Tsipras noted that those talks to avoid bankruptcy became “not just a way to secure improved terms for the country. They became a test, a monumental chance to prove the truth of his economic theories.”
High-Stakes Talks
Amid tense negotiations, the country came dangerously close to exiting the eurozone.
At stake was both the country's destiny but also the punishing austerity measures required in return for rescue loans by foreign lenders.
Failed Options
Efforts to find funds from other sources, including an urgent plea to Russia to purchase Greek bonds, went unanswered.
Assisting the indebted country was tantamount to throwing money in the trash-can, the Russian leader is reputed to have informed Tsipras during their meeting.
Public Vote Followed by U-Turn
In July 2015, the harsh conditions were subjected to a popular referendum, an action that threw Europe into further existential crisis.
Even though the referendum was carried decisively by voters against austerity, Tsipras had little option to ignore the result then agree to a bailout package from foreign lenders which turned out to be tougher.
Final Straw
The ex-PM claimed that he started questioning Varoufakis quite early on.
“He was the face of negotiation, the figure who attracted media attention, who graced the covers of magazines globally … he gave the impression he relished his new role.”
When the minister proposed a backup strategy involving creating a secondary currency and distributing coupons to pensioners, the leader knew it was the end questioning him: “Can you be serious?”
Lasting Criticism
In the book, the author concludes that Varoufakis demonstrated himself to be “unsuitable for an agreement demanding complex and delicate handling.”
He further wrote that his aggressive approach left him more and more alone among peers, put Greece at risk, and helped hardliners who were pushing for Grexit.
The retelling of events has been met with anger and shock in some quarters, while Varoufakis has so far kept a conspicuous quiet on the matter.
