Within his recently unveiled personal account, called Ithaki, the ex- prime minister Alexis Tsipras does not hold back as he examines the turbulent era during Greece's economic turmoil.
A Controversial Choice
As per the ex-PM's account, he appointed that unorthodox economist Varoufakis to be the finance minister largely due to the latter's worldwide fame and his very persuasive skills when it came to public orator.
“In reality, he was, actually, more like a personality and less of an economist,” recalled the 51-year-old.
Clashing Priorities
Tsipras alleges how his finance chief possessed his own agenda which included promoting Varoufakis's publications as well as testing out his theories on the nation instead of genuinely advocating the country's financial survival.
He explained that the discussions to avoid insolvency became “not just a way of achieving improved terms for the country. They became a test, an historic chance to prove the validity of Varoufakis's ideas.”
Critical Talks
During tense discussions, Greece found itself perilously close to exiting the single currency area.
At stake was not only Greece's destiny and those severe austerity policies required in return for rescue loans by foreign lenders.
Unsuccessful Options
Efforts to secure financing from other sources, such as an urgent appeal to the Kremlin to purchase Greek bonds, went unanswered.
Helping the indebted country would be equivalent to tossing cash in the trash-can, the Russian leader is reputed to have informed Tsipras in Moscow.
Public Vote and Reversal
In July 2015, the harsh bailout terms were put to a popular referendum, an action which plunged Europe into deeper existential crisis.
Although the referendum was carried resoundingly by those against austerity, the prime minister had little option to reject its outcome and agree to a bailout package from creditors which proved to be tougher.
Breaking Point
Tsipras claimed that he started questioning his finance minister quite early on.
“He was the public image of the talks, the man who attracted media attention, who appeared on the front pages of magazines the world over … it seemed he was enjoying the spotlight.”
When the minister proposed a contingency plan that included establishing a secondary currency as well as distributing coupons to pensioners, Tsipras knew that it was the end questioning Varoufakis: “Are you serious?”
Lasting Criticism
In the book, the author asserts that Varoufakis demonstrated himself “unsuitable for an agreement that required intricate and sensitive handling.”
He further claimed that his confrontational approach left him more and more alone among peers, put Greece at risk, and assisted hawks that were advocating Grexit.
This retelling of events has been met with anger along with shock among certain groups, while the former minister has maintained a conspicuous quiet regarding these claims.
