Within his recently unveiled memoir, named Ithaki, the ex- premier Alexis Tsipras does not hold back as he revisits that turbulent era during Greece's debt drama.
An Unconventional Appointment
According to the ex-PM's version, Tsipras selected that maverick academic Varoufakis as his treasury head largely due to his international reputation along with his very persuasive abilities when it came to communicator.
“In reality, he was, actually, more like a star and less of an economist,” wrote Tsipras.
Conflicting Priorities
The former leader claims that his finance chief had a personal agenda that involved advancing his books and experimenting with his own economic models using the nation rather than genuinely fighting for its financial survival.
Tsipras wrote that the discussions to avoid bankruptcy became “not just a way of achieving improved terms for Greece. They became a test, an historic chance to demonstrate the validity of Varoufakis's ideas.”
High-Stakes Talks
During tense negotiations, the country came perilously on the brink of exiting the single currency area.
On the line lay both Greece's destiny but also those severe austerity policies required in exchange for financial aid from international creditors.
Unsuccessful Alternatives
Attempts to find financing from other sources, including an urgent plea to the Kremlin to purchase Greek bonds, were rejected.
Helping the indebted country would be tantamount to tossing cash into the garbage, the Russian leader reportedly told his Greek counterpart during their meeting.
Public Vote and Reversal
In July 2015, the punitive bailout terms were subjected to a public vote, a move that threw the EU into a deeper existential crisis.
Even though the referendum was carried decisively by those against the cuts, Tsipras was forced to ignore the result and agree to a rescue deal with foreign lenders that proved to be even harsher.
Breaking Point
The ex-PM claimed how he began to doubt Varoufakis relatively soon.
“Varoufakis was the public image of the talks, the figure who attracted publicity, who appeared on the front pages of magazines globally … he gave the impression he was enjoying his new role.”
When Varoufakis proposed a contingency plan involving establishing a secondary currency as well as issuing vouchers to pensioners, the leader said he realised that it was the end and asked Varoufakis: “Can you be serious?”
Lasting Criticism
Within the memoir, Tsipras asserts that Varoufakis demonstrated himself to be “unfit for a deal that required intricate and sensitive handling.”
He also claimed how his aggressive style made him increasingly isolated with colleagues, put Greece at risk, while assisted hardliners who were advocating Grexit.
This account of events has provoked anger and stunned disbelief among certain groups, whereas Varoufakis has kept a conspicuous quiet regarding these claims.
