In a recently unveiled personal account, named Ithaki, the ex- prime minister Alexis Tsipras does not hold back as he reflects on that turbulent era during Greece's financial crisis.
A Controversial Choice
In the ex-PM's account, Tsipras appointed the maverick economist Varoufakis as the treasury head primarily due to his global profile along with his “extremely attractive” skills when it came to communicator.
“He was, actually, more of a personality and less of an economist,” recalled Tsipras.
Clashing Priorities
The former leader alleges how Varoufakis possessed his own motives which involved promoting Varoufakis's publications and testing out his game theories on Greece instead of truly advocating the country's economic stability.
Tsipras wrote that the negotiations to stave off bankruptcy were “not only a method to secure improved terms for Greece. They were a test, an historic chance to prove the truth of his theories.”
Critical Talks
Amid volatile discussions, the country found itself perilously close to leaving the eurozone.
On the line was both the country's destiny but also those severe austerity policies demanded in return for financial aid from international creditors.
Unsuccessful Options
Efforts to secure funds from other sources, such as an urgent plea to Russia to purchase Greek bonds, fell on stony ground.
Assisting Greece would be equivalent to tossing cash in the trash-can, the Russian leader reportedly informed Tsipras in Moscow.
Public Vote and Reversal
That summer, the excoriating bailout terms were subjected to a popular referendum, a move which threw Europe into a further existential crisis.
Even though the referendum was won resoundingly by voters against austerity, Tsipras had little option but to reject its outcome then agree to a bailout package with creditors that proved to be tougher.
Final Straw
Tsipras revealed how he started questioning Varoufakis quite early on.
“He was the public image of negotiation, the man who drew publicity, who appeared on the front pages of magazines the world over … it seemed he relished the spotlight.”
After Varoufakis outlined a contingency plan involving establishing a secondary currency and distributing vouchers to retirees, the leader knew it was game over questioning Varoufakis: “Is this for real?”
Enduring Criticism
In the book, Tsipras concludes how his former ally demonstrated himself “unsuitable for a deal demanding complex and delicate handling.”
Tsipras also wrote that Varoufakis's aggressive approach made him increasingly isolated among peers, put Greece at risk, while assisted hardliners that were advocating a Greek exit from the euro.
This retelling of events has provoked fury and stunned disbelief among certain groups, whereas the former minister has maintained a deafening silence regarding these claims.
