In a newly released autobiography, named Ithaki, the ex- prime minister Alexis Tsipras does not hold back as he examines that turbulent period during Greece's financial crisis.
A Controversial Choice
According to the ex-PM's account, he appointed the maverick economist Varoufakis as the finance minister primarily due to the latter's global profile along with Varoufakis's very persuasive abilities when it came to speaker.
“He was, truthfully, more like a star rather than an economic expert,” stated Tsipras.
Conflicting Priorities
Tsipras suggests how his finance chief possessed a personal agenda which involved promoting Varoufakis's books and experimenting with his own theories using the nation rather than genuinely advocating its economic stability.
He noted how those talks to prevent bankruptcy became “not just a method of achieving improved terms for Greece. They became an experiment, an historic opportunity to demonstrate the truth of Varoufakis's economic theories.”
High-Stakes Negotiations
Amid rollercoaster negotiations, Greece found itself perilously close to leaving the single currency area.
At stake was not only the country's future but also those harsh cutbacks demanded in exchange for financial aid from foreign lenders.
Unsuccessful Options
Attempts to secure funds elsewhere, including a desperate plea to the Kremlin to buy Greek government bonds, were rejected.
Assisting the indebted country was equivalent to tossing cash into the garbage, the Russian leader is reputed to have told his Greek counterpart during their meeting.
Public Vote and U-Turn
In July 2015, the harsh bailout terms were put to a popular referendum, a move which threw the EU into deeper existential crisis.
Even though the referendum was carried resoundingly by voters who opposed the cuts, the prime minister was forced but to ignore the result then agree to a bailout package with foreign lenders which proved to be more severe.
Breaking Point
The ex-PM revealed how he started questioning Varoufakis quite early on.
“Varoufakis was the public image of negotiation, the man who drew publicity, who graced the covers of magazines globally … it seemed he relished the spotlight.”
After Varoufakis outlined a backup strategy that included establishing a secondary currency and distributing vouchers to retirees, Tsipras knew it was game over and asked Varoufakis: “Are you serious?”
Enduring Criticism
Within the book, the author asserts that his former ally had proved himself to be “unsuitable for a deal that required intricate and sensitive management.”
He also wrote how Varoufakis's aggressive approach made him more and more alone with colleagues, endangered the country, and helped hawks who were advocating a Greek exit from the euro.
The account of events has provoked anger along with shock in some quarters, whereas the former minister has so far maintained a conspicuous quiet on the matter.
