In a recently unveiled personal account, titled Ithaki, the ex- prime minister Alexis Tsipras does not hold back as he revisits that chaotic era during Greece's financial crisis.
An Unconventional Choice
As per Tsipras's account, he selected that maverick economist Varoufakis as his finance minister largely because of his global profile along with Varoufakis's highly compelling abilities when it came to communicator.
“He was, actually, more of a celebrity rather than an economic expert,” recalled Tsipras.
Clashing Agendas
Tsipras claims how his finance chief had a personal motives which included promoting Varoufakis's books as well as experimenting with his economic models using Greece rather than truly advocating the country's economic stability.
He explained how the discussions to stave off bankruptcy were “not only a method of achieving a better deal for Greece. They were an experiment, an historic opportunity to prove the validity of his theories.”
High-Stakes Negotiations
During volatile negotiations, the country found itself dangerously on the brink of exiting the eurozone.
On the line was both Greece's future and the severe cutbacks demanded in return for bailout funds from foreign lenders.
Failed Options
Attempts to find financing elsewhere, including a desperate appeal to Russia to purchase Greek bonds, went unanswered.
Assisting Greece was equivalent to tossing cash into the garbage, Putin is reputed to have informed Tsipras in Moscow.
Referendum and U-Turn
In July 2015, those harsh bailout terms were subjected to a popular referendum, an action that plunged Europe into a deeper existential crisis.
Although the vote was carried decisively by those who opposed the cuts, the prime minister had little option but to ignore the result then agree to a bailout package from foreign lenders which proved to be even harsher.
Final Straw
Tsipras claimed how he started questioning his finance minister quite early on.
“Varoufakis was the public image of negotiation, the man who attracted media attention, who appeared on the covers of magazines globally … he gave the impression he relished the spotlight.”
When the minister proposed a contingency plan involving creating a parallel currency as well as issuing vouchers to retirees, the leader said he realised it was game over questioning him: “Are you serious?”
Lasting Criticism
Within the memoir, the author concludes that Varoufakis had proved himself “unfit for a deal demanding intricate and delicate management.”
Tsipras also wrote how Varoufakis's confrontational style made him more and more alone with colleagues, put Greece at risk, and helped hardliners who were pushing for a Greek exit from the euro.
This retelling of history has provoked fury and shock among certain groups, while Varoufakis has maintained a conspicuous quiet regarding these claims.
