Within his newly released autobiography, called Ithaki, the ex- leader Alexis Tsipras pulls no punches while he revisits that turbulent period during Greece's financial crisis.
A Controversial Choice
As per Tsipras's account, Tsipras selected that unorthodox economist Varoufakis as the treasury head mainly due to his global profile along with his “extremely attractive” abilities when it came to public orator.
“In reality, he was, actually, more of a personality and less of an economic expert,” stated the 51-year-old.
Conflicting Priorities
Tsipras alleges how his finance chief had a personal motives which involved advancing his publications as well as testing out his economic models using Greece instead of genuinely fighting for its financial survival.
He noted how those negotiations to prevent bankruptcy became “not only a way to secure a better deal for Greece. They became an experiment, an historic chance to demonstrate the truth of Varoufakis's theories.”
High-Stakes Negotiations
During tense negotiations, Greece found itself perilously close to exiting the single currency area.
On the line lay not only the country's destiny and the severe austerity policies required in exchange for financial aid from international creditors.
Unsuccessful Options
Attempts to secure financing elsewhere, such as an urgent appeal to Russia to buy Greek government bonds, went unanswered.
Assisting the indebted country was equivalent to tossing cash in the trash-can, the Russian leader is reputed to have informed Tsipras during their meeting.
Public Vote and Reversal
That summer, those harsh conditions were put to a public vote, a move that threw the EU into a deeper existential crisis.
Even though the vote was carried resoundingly by voters against the cuts, Tsipras was forced to ignore the result then negotiate a rescue deal from creditors which proved to be even harsher.
Breaking Point
The ex-PM claimed how he started questioning his finance minister relatively soon.
“Varoufakis was the face of the talks, the man who drew publicity, who appeared on the front pages of magazines the world over … it seemed he was enjoying his new role.”
When the minister proposed a backup strategy involving establishing a secondary currency as well as distributing vouchers to pensioners, the leader knew that it was the end and asked Varoufakis: “Is this for real?”
Lasting Criticism
Within the book, Tsipras asserts how Varoufakis had proved himself to be “unsuitable for a deal demanding intricate and delicate management.”
He also wrote how Varoufakis's aggressive style left him more and more alone with colleagues, put Greece at risk, and assisted hardliners who were pushing for Grexit.
The account of events has provoked fury along with stunned disbelief among certain groups, while Varoufakis has kept a deafening silence regarding these claims.
