In a newly released personal account, titled Ithaki, the ex- prime minister Alexis Tsipras spares no criticism while he revisits that turbulent period during Greece's debt drama.
An Unconventional Choice
In Tsipras's account, Tsipras selected that maverick economist Varoufakis to be his finance minister primarily because of the latter's worldwide fame along with his “extremely attractive” abilities as a public orator.
“He was, truthfully, more like a celebrity rather than an economic expert,” stated Tsipras.
Conflicting Priorities
Tsipras claims how his finance chief possessed a personal motives that involved advancing his publications and experimenting with his game theories on the nation rather than genuinely fighting for the country's financial survival.
He noted how those talks to stave off insolvency became “not only a way of achieving improved terms for the country. They became an experiment, an historic chance to demonstrate the validity of his ideas.”
High-Stakes Negotiations
During rollercoaster negotiations, Greece came dangerously close to leaving the single currency area.
On the line was not only the country's destiny and those punishing austerity policies demanded in return for rescue loans by foreign lenders.
Failed Options
Efforts to secure funds elsewhere, including an urgent appeal to the Kremlin to buy Greek government bonds, fell on stony ground.
Helping the indebted country would be equivalent to tossing cash in the trash-can, Putin reportedly informed his Greek counterpart during their meeting.
Referendum Followed by Reversal
In July 2015, the punitive bailout terms were subjected to a public vote, a move which plunged the EU into a deeper existential crisis.
Although the referendum was won resoundingly by those who opposed austerity, Tsipras had little option but to ignore the result then negotiate a rescue deal from creditors that turned out to be even harsher.
Final Straw
Tsipras claimed that he began to doubt Varoufakis quite early on.
“Varoufakis was the face of the talks, the figure who attracted media attention, who appeared on the covers of magazines the world over … it seemed he relished his new role.”
After the minister proposed a contingency plan involving creating a parallel currency as well as distributing coupons to retirees, Tsipras knew that it was game over questioning him: “Can you be serious?”
Lasting Criticism
In the memoir, the author asserts that Varoufakis had proved himself to be “unsuitable for an agreement demanding intricate and sensitive management.”
He further claimed how his confrontational style left him increasingly isolated among peers, put Greece at risk, and assisted hardliners who were pushing for Grexit.
This retelling of history has been met with anger and shock among certain groups, while the former minister has maintained a conspicuous quiet regarding these claims.
