In a recently unveiled memoir, called Ithaki, the ex- prime minister Alexis Tsipras pulls no punches as he examines that chaotic era of Greece's economic turmoil.
A Controversial Appointment
In Tsipras's recollections, Tsipras chose that unorthodox economist Varoufakis as the finance minister mainly due to his global profile and Varoufakis's very persuasive abilities when it came to public orator.
“He was, actually, more like a star and less of an economist,” recalled the 51-year-old.
Conflicting Agendas
The former leader suggests that his finance chief possessed his own agenda that involved advancing Varoufakis's books as well as testing out his own game theories using the nation rather than truly fighting for the country's economic stability.
He noted that the talks to avoid insolvency were “not just a way to secure a better deal for Greece. They became an experiment, an historic chance to prove the validity of Varoufakis's economic theories.”
Critical Talks
During volatile discussions, Greece came perilously close to leaving the eurozone.
On the line lay both the country's destiny and the harsh cutbacks demanded in return for financial aid from international creditors.
Unsuccessful Alternatives
Attempts to secure funds elsewhere, such as a desperate plea to Russia to purchase Greek government bonds, were rejected.
Assisting the indebted country was tantamount to throwing money in the trash-can, Putin is reputed to have told his Greek counterpart in Moscow.
Public Vote and Reversal
That summer, the punitive bailout terms were put to a public vote, a move which plunged Europe into further crisis of identity.
Although the referendum was carried decisively by those against the cuts, the prime minister was forced but to reject its outcome then negotiate a bailout package with foreign lenders which proved to be more severe.
Breaking Point
Tsipras claimed how he began to doubt Varoufakis quite early on.
“He was the public image of negotiation, the man who drew publicity, who appeared on the front pages of publications globally … he gave the impression he was enjoying his new role.”
When the minister proposed a backup strategy that included creating a parallel currency as well as issuing vouchers to retirees, the leader knew that it was game over and asked Varoufakis: “Are you serious?”
Enduring Criticism
Within the book, the author asserts that Varoufakis had proved himself “unfit for a deal that required complex and delicate handling.”
He also claimed that Varoufakis's confrontational approach left him more and more alone among peers, put Greece at risk, and assisted hardliners who were pushing for Grexit.
This account of events has provoked anger along with stunned disbelief among certain groups, whereas Varoufakis has so far maintained a conspicuous quiet on the matter.
