Within his recently unveiled memoir, called Ithaki, the ex- leader Alexis Tsipras pulls no punches while he reflects on that turbulent period during Greece's economic turmoil.
An Unconventional Appointment
According to Tsipras's account, he chose the unorthodox economist Varoufakis as his finance minister primarily due to the latter's international reputation along with his very persuasive skills as a speaker.
“In reality, he was, actually, more of a celebrity and less of an economist,” wrote Tsipras.
Clashing Priorities
Tsipras alleges how his finance chief possessed his own motives which included promoting Varoufakis's books and experimenting with his own theories on the nation rather than truly advocating its economic stability.
He explained how those discussions to avoid insolvency became “not only a method to secure improved terms for Greece. They became an experiment, a monumental chance to prove the truth of his theories.”
Critical Talks
During tense negotiations, the country came dangerously close to exiting the single currency area.
At stake was not only Greece's future and those harsh cutbacks required in return for financial aid by foreign lenders.
Failed Alternatives
Attempts to secure financing elsewhere, including an urgent plea to Russia to purchase Greek bonds, fell on stony ground.
Assisting the indebted country would be tantamount to throwing money into the garbage, Putin is reputed to have informed his Greek counterpart during their meeting.
Public Vote and Reversal
In July 2015, the harsh bailout terms were subjected to a popular referendum, a move that threw Europe into a deeper existential crisis.
Although the vote was won decisively by those against austerity, Tsipras was forced but to ignore the result and negotiate a rescue deal with creditors which proved to be even harsher.
Final Straw
The ex-PM claimed that he started questioning Varoufakis relatively soon.
“He was the public image of the talks, the man who drew publicity, who graced the front pages of publications globally … it seemed he was enjoying the spotlight.”
When the minister outlined a backup strategy that included establishing a secondary currency and distributing vouchers to pensioners, the leader knew that it was the end and asked him: “Is this for real?”
Enduring Criticism
In the book, the author asserts that his former ally demonstrated himself to be “unfit for an agreement demanding intricate and sensitive handling.”
Tsipras further claimed how Varoufakis's aggressive approach made him more and more alone among peers, put Greece at risk, while assisted hawks who were pushing for Grexit.
This retelling of history has been met with fury and stunned disbelief in some quarters, whereas the former minister has kept a deafening silence on the matter.
