Within his freshly published personal account, named Ithaki, the ex- prime minister Alexis Tsipras does not hold back as he examines that turbulent period of Greece's debt drama.
A Controversial Appointment
According to Tsipras's version, he appointed that unorthodox academic Varoufakis to be the treasury head primarily because of the latter's global profile along with Varoufakis's highly compelling skills when it came to public orator.
“In reality, he was, truthfully, more of a celebrity rather than an economist,” recalled the 51-year-old.
Conflicting Agendas
Tsipras claims how his finance chief had his own motives that included promoting Varoufakis's publications as well as experimenting with his theories using the nation instead of genuinely advocating its economic stability.
Tsipras explained how the discussions to avoid insolvency were “not just a method to secure a better deal for Greece. They were a test, an historic opportunity to prove the truth of his ideas.”
Critical Negotiations
During volatile negotiations, Greece found itself perilously on the brink of exiting the eurozone.
On the line was not only the country's future but also the severe austerity policies required in exchange for financial aid from foreign lenders.
Unsuccessful Options
Attempts to secure financing elsewhere, such as an urgent appeal to Russia to purchase Greek government bonds, fell on stony ground.
Helping Greece would be equivalent to throwing money into the garbage, the Russian leader is reputed to have informed Tsipras in Moscow.
Referendum and U-Turn
In July 2015, those excoriating conditions were subjected to a popular referendum, a move which threw the EU into a further existential crisis.
Although the vote was carried decisively by those against austerity, Tsipras had little option but to ignore the result then negotiate a bailout package with foreign lenders that turned out to be tougher.
Breaking Point
Tsipras revealed that he began to doubt his finance minister relatively soon.
“He was the public image of negotiation, the man who drew publicity, who appeared on the front pages of publications the world over … he gave the impression he was enjoying the spotlight.”
When the minister outlined a backup strategy involving establishing a parallel currency and distributing coupons to pensioners, the leader said he realised that it was game over questioning him: “Is this for real?”
Enduring Criticism
Within the book, Tsipras concludes how Varoufakis demonstrated himself to be “unsuitable for a deal demanding complex and sensitive handling.”
Tsipras also claimed how his aggressive approach left him more and more alone with colleagues, put Greece at risk, while helped hardliners who were pushing for a Greek exit from the euro.
This retelling of events has provoked anger along with shock among certain groups, whereas the former minister has so far kept a deafening silence on the matter.
