In a newly released autobiography, named Ithaki, the former prime minister Alexis Tsipras pulls no punches while he reflects on that turbulent era of Greece's financial crisis.
A Controversial Appointment
According to the ex-PM's recollections, Tsipras chose that maverick academic Varoufakis as his treasury head largely because of his international reputation along with Varoufakis's very persuasive skills as a public orator.
“He was, truthfully, more of a personality and less of an economic expert,” stated Tsipras.
Clashing Priorities
The former leader suggests that Varoufakis possessed his own motives that involved promoting his publications as well as experimenting with his own theories on the nation rather than truly fighting for the country's financial survival.
He wrote how the talks to avoid insolvency became “not just a way to secure a better deal for the country. They became an experiment, an historic chance to prove the validity of his economic theories.”
Critical Negotiations
Amid volatile negotiations, the country came dangerously on the brink of exiting the single currency area.
At stake lay both the country's destiny and those severe austerity policies demanded in return for rescue loans from foreign lenders.
Failed Options
Attempts to secure financing from other sources, including a desperate plea to Russia to buy Greek bonds, were rejected.
Assisting the indebted country was tantamount to tossing cash in the trash-can, Putin reportedly told Tsipras during their meeting.
Public Vote and U-Turn
In July 2015, those punitive conditions were put to a public vote, a move that plunged Europe into deeper crisis of identity.
Although the vote was won resoundingly by voters against the cuts, Tsipras was forced to ignore the result and negotiate a bailout package with creditors that proved to be more severe.
Breaking Point
Tsipras claimed that he began to doubt Varoufakis quite early on.
“Varoufakis was the face of the talks, the man who attracted publicity, who graced the front pages of publications globally … he gave the impression he was enjoying the spotlight.”
After the minister outlined a contingency plan involving establishing a parallel currency as well as distributing coupons to retirees, Tsipras said he realised it was game over questioning him: “Is this for real?”
Enduring Rebuke
Within the memoir, Tsipras asserts how his former ally had proved himself “unsuitable for an agreement demanding complex and sensitive handling.”
He further wrote how his confrontational approach left him more and more alone among peers, put Greece at risk, and assisted hardliners who were pushing for Grexit.
The retelling of history has provoked anger and stunned disbelief among certain groups, while Varoufakis has maintained a conspicuous quiet on the matter.
