In a newly released personal account, named Ithaki, the former premier Alexis Tsipras spares no criticism while he revisits the chaotic era of Greece's debt drama.
An Unconventional Choice
According to Tsipras's version, Tsipras selected the unorthodox academic Varoufakis as the treasury head mainly due to the latter's global profile and Varoufakis's “extremely attractive” abilities when it came to communicator.
“He was, in reality, more of a celebrity and less of an economist,” stated Tsipras.
Conflicting Agendas
Tsipras suggests that Varoufakis had a personal motives which included advancing his books and experimenting with his own economic models on the nation rather than genuinely fighting for the country's financial survival.
Tsipras explained that the negotiations to stave off insolvency were “not just a method to secure improved terms for Greece. They became an experiment, a monumental opportunity to prove the truth of Varoufakis's ideas.”
Critical Negotiations
During rollercoaster negotiations, Greece came dangerously close to exiting the eurozone.
On the line lay both Greece's destiny but also the punishing austerity policies required in exchange for bailout funds by foreign lenders.
Failed Alternatives
Efforts to secure funds from other sources, such as an urgent appeal to Russia to buy Greek government bonds, fell on stony ground.
Assisting the indebted country would be tantamount to tossing cash in the trash-can, Putin is reputed to have told his Greek counterpart in Moscow.
Public Vote Followed by U-Turn
In July 2015, those excoriating conditions were put to a popular referendum, a move that plunged Europe into deeper existential crisis.
Even though the vote was won resoundingly by those against the cuts, Tsipras had little option to reject its outcome then negotiate a rescue deal from foreign lenders that turned out to be more severe.
Final Straw
Tsipras claimed how he began to doubt his finance minister quite early on.
“Varoufakis was the face of the talks, the man who drew publicity, who graced the covers of magazines the world over … it seemed he relished his new role.”
After Varoufakis proposed a contingency plan that included establishing a parallel currency as well as distributing coupons to retirees, Tsipras said he realised it was the end and asked Varoufakis: “Can you be serious?”
Enduring Criticism
In the book, the author asserts how his former ally demonstrated himself “unsuitable for a deal demanding complex and sensitive management.”
Tsipras also claimed how his confrontational approach left him increasingly isolated with colleagues, put Greece at risk, and helped hawks who were advocating a Greek exit from the euro.
This account of history has provoked fury and stunned disbelief among certain groups, whereas Varoufakis has so far maintained a conspicuous quiet regarding these claims.
