Within his newly released memoir, named Ithaki, the former prime minister Alexis Tsipras does not hold back as he revisits that turbulent period during Greece's debt drama.
A Controversial Appointment
As per Tsipras's recollections, Tsipras appointed that unorthodox academic Varoufakis to be his treasury head largely due to his worldwide fame and Varoufakis's very persuasive skills as a speaker.
“In reality, he was, in reality, more of a celebrity rather than an economic expert,” recalled the 51-year-old.
Clashing Agendas
Tsipras claims how his finance chief had a personal agenda which included advancing his books as well as experimenting with his own game theories using the nation instead of genuinely fighting for the country's economic stability.
He noted that those talks to stave off insolvency were “not only a way of achieving improved terms for Greece. They were a test, a monumental chance to demonstrate the truth of his ideas.”
High-Stakes Talks
During rollercoaster discussions, the country found itself perilously on the brink of leaving the single currency area.
On the line was not only Greece's destiny and the punishing austerity policies demanded in exchange for financial aid from international creditors.
Failed Options
Attempts to secure funds from other sources, including a desperate plea to Russia to buy Greek bonds, went unanswered.
Assisting the indebted country would be equivalent to tossing cash in the trash-can, the Russian leader reportedly informed his Greek counterpart in Moscow.
Public Vote and U-Turn
In July 2015, those harsh bailout terms were subjected to a popular referendum, an action that threw Europe into a deeper crisis of identity.
Although the vote was carried decisively by those against austerity, Tsipras had little option but to ignore the result and negotiate a rescue deal with creditors that turned out to be tougher.
Breaking Point
The ex-PM claimed that he started questioning his finance minister quite early on.
“Varoufakis was the face of the talks, the man who drew media attention, who appeared on the front pages of magazines the world over … he gave the impression he relished the spotlight.”
After the minister proposed a contingency plan that included establishing a parallel currency and issuing coupons to pensioners, Tsipras said he realised that it was game over questioning him: “Is this for real?”
Enduring Criticism
Within the book, the author concludes that Varoufakis had proved himself to be “unfit for an agreement that required complex and delicate management.”
He further claimed how Varoufakis's aggressive approach left him increasingly isolated with colleagues, endangered the country, and helped hardliners that were advocating Grexit.
This retelling of events has provoked fury along with stunned disbelief among certain groups, while Varoufakis has kept a conspicuous quiet regarding these claims.
