In a freshly published personal account, titled Ithaki, the ex- premier Alexis Tsipras pulls no punches while he examines that chaotic era of Greece's economic turmoil.
A Controversial Choice
As per Tsipras's account, Tsipras selected that unorthodox academic Varoufakis to be his treasury head mainly due to the latter's worldwide fame and his highly compelling abilities when it came to speaker.
“In reality, he was, in reality, more of a celebrity rather than an economist,” recalled the 51-year-old.
Clashing Agendas
Tsipras claims how Varoufakis possessed a personal agenda that included promoting Varoufakis's publications and testing out his own game theories using Greece rather than genuinely fighting for its financial survival.
He explained that the discussions to avoid insolvency were “not just a way to secure improved terms for the country. They became a test, an historic opportunity to demonstrate the validity of his theories.”
Critical Talks
Amid volatile discussions, Greece found itself perilously on the brink of exiting the eurozone.
At stake lay not only the country's destiny and the severe austerity policies demanded in exchange for rescue loans by foreign lenders.
Unsuccessful Options
Attempts to secure financing elsewhere, such as an urgent appeal to the Kremlin to purchase Greek government bonds, fell on stony ground.
Helping Greece was tantamount to throwing money in the trash-can, Putin is reputed to have informed his Greek counterpart during their meeting.
Referendum and U-Turn
In July 2015, the harsh conditions were put to a popular referendum, a move which threw Europe into deeper existential crisis.
Even though the vote was carried resoundingly by those against austerity, Tsipras had little option but to ignore the result then negotiate a bailout package from foreign lenders that proved to be more severe.
Final Straw
Tsipras revealed that he began to doubt his finance minister relatively soon.
“He was the face of negotiation, the man who drew publicity, who graced the covers of publications the world over … it seemed he was enjoying his new role.”
After the minister proposed a backup strategy involving establishing a secondary currency as well as distributing coupons to retirees, Tsipras said he realised it was the end questioning Varoufakis: “Can you be serious?”
Lasting Criticism
Within the book, the author concludes how Varoufakis had proved himself to be “unsuitable for an agreement that required complex and sensitive management.”
He further wrote how Varoufakis's aggressive approach made him more and more alone among peers, endangered the country, while helped hardliners that were advocating Grexit.
The retelling of events has been met with anger and shock in some quarters, whereas Varoufakis has so far kept a deafening silence regarding these claims.
