Within his newly released personal account, named Ithaki, the former leader Alexis Tsipras does not hold back as he examines that turbulent period of Greece's debt drama.
A Controversial Choice
As per the ex-PM's recollections, he chose the unorthodox academic Varoufakis to be the treasury head mainly due to his global profile along with Varoufakis's highly compelling skills as a public orator.
“In reality, he was, actually, more like a personality rather than an economic expert,” stated Tsipras.
Clashing Agendas
The former leader alleges that his finance chief possessed a personal agenda that involved advancing Varoufakis's books and testing out his own theories on Greece instead of genuinely fighting for its financial survival.
Tsipras noted that those negotiations to prevent insolvency were “not only a method of achieving a better deal for Greece. They were an experiment, a monumental chance to prove the validity of Varoufakis's economic theories.”
Critical Negotiations
Amid volatile negotiations, the country came dangerously on the brink of exiting the single currency area.
At stake lay both Greece's destiny but also those harsh cutbacks demanded in exchange for rescue loans by foreign lenders.
Failed Alternatives
Attempts to secure financing elsewhere, such as an urgent appeal to the Kremlin to purchase Greek government bonds, went unanswered.
Helping the indebted country would be tantamount to throwing money in the trash-can, Putin is reputed to have informed Tsipras in Moscow.
Referendum Followed by U-Turn
That summer, the excoriating conditions were put to a popular referendum, a move that threw the EU into a further crisis of identity.
Although the vote was won decisively by voters who opposed the cuts, Tsipras was forced but to ignore the result then negotiate a bailout package with foreign lenders that proved to be more severe.
Breaking Point
The ex-PM revealed that he started questioning Varoufakis relatively soon.
“He was the face of negotiation, the figure who attracted media attention, who appeared on the front pages of magazines the world over … it seemed he relished the spotlight.”
After the minister outlined a backup strategy that included establishing a parallel currency as well as issuing vouchers to pensioners, Tsipras knew that it was the end questioning him: “Is this for real?”
Lasting Rebuke
In the memoir, Tsipras concludes how his former ally had proved himself to be “unfit for a deal that required complex and sensitive management.”
He further claimed how Varoufakis's aggressive approach made him more and more alone with colleagues, endangered the country, while assisted hardliners that were pushing for Grexit.
The retelling of events has been met with fury along with stunned disbelief among certain groups, whereas the former minister has so far kept a deafening silence on the matter.
