Within his newly released memoir, called Ithaki, the former premier Alexis Tsipras pulls no punches while he revisits the chaotic era of Greece's financial crisis.
A Controversial Choice
As per the ex-PM's account, Tsipras chose the maverick economist Varoufakis as the treasury head largely because of the latter's worldwide fame along with Varoufakis's very persuasive abilities as a communicator.
“In reality, he was, in reality, more like a celebrity rather than an economist,” wrote Tsipras.
Clashing Agendas
Tsipras claims that Varoufakis possessed his own motives which included promoting Varoufakis's books as well as testing out his theories on Greece instead of genuinely fighting for the country's financial survival.
He explained how those talks to stave off bankruptcy became “not only a way to secure improved terms for Greece. They became an experiment, a monumental opportunity to demonstrate the validity of his ideas.”
High-Stakes Negotiations
Amid volatile negotiations, the country found itself dangerously close to leaving the single currency area.
On the line lay both Greece's future but also the punishing cutbacks demanded in exchange for bailout funds by international creditors.
Unsuccessful Options
Attempts to secure funds elsewhere, such as an urgent plea to the Kremlin to buy Greek bonds, were rejected.
Assisting the indebted country was tantamount to throwing money in the trash-can, the Russian leader reportedly told his Greek counterpart during their meeting.
Referendum Followed by Reversal
In July 2015, those excoriating conditions were put to a public vote, a move which threw Europe into a deeper crisis of identity.
Even though the vote was carried resoundingly by those who opposed austerity, Tsipras was forced to ignore the result and negotiate a bailout package from creditors that turned out to be tougher.
Final Straw
The ex-PM claimed that he started questioning Varoufakis quite early on.
“Varoufakis was the face of negotiation, the figure who attracted publicity, who appeared on the front pages of publications the world over … it seemed he was enjoying the spotlight.”
When the minister proposed a contingency plan involving creating a parallel currency as well as issuing coupons to retirees, the leader knew it was the end and asked him: “Are you serious?”
Enduring Rebuke
In the memoir, the author concludes how Varoufakis demonstrated himself “unsuitable for a deal that required intricate and sensitive management.”
He also wrote how his confrontational approach left him increasingly isolated with colleagues, put Greece at risk, while assisted hawks who were advocating Grexit.
This retelling of history has been met with fury along with stunned disbelief among certain groups, while the former minister has so far maintained a conspicuous quiet regarding these claims.
