Within his newly released autobiography, named Ithaki, the ex- premier Alexis Tsipras pulls no punches as he revisits that chaotic era of Greece's debt drama.
A Controversial Appointment
According to the ex-PM's version, he selected that unorthodox academic Varoufakis to be the treasury head primarily due to his worldwide fame along with Varoufakis's very persuasive skills as a speaker.
“In reality, he was, in reality, more like a star and less of an economist,” wrote Tsipras.
Conflicting Agendas
The former leader suggests that Varoufakis had a personal motives which involved promoting Varoufakis's books as well as testing out his own theories using Greece rather than truly fighting for the country's economic stability.
Tsipras wrote that those discussions to prevent insolvency were “not just a way of achieving a better deal for Greece. They became an experiment, a monumental opportunity to demonstrate the truth of his ideas.”
Critical Talks
During rollercoaster negotiations, the country came dangerously close to exiting the eurozone.
At stake lay not only the country's destiny but also the punishing cutbacks demanded in return for rescue loans by international creditors.
Failed Alternatives
Efforts to find funds from other sources, including a desperate plea to the Kremlin to buy Greek government bonds, went unanswered.
Assisting the indebted country would be tantamount to throwing money in the trash-can, the Russian leader reportedly told his Greek counterpart in Moscow.
Referendum and Reversal
That summer, the punitive bailout terms were subjected to a public vote, a move which threw the EU into further existential crisis.
Although the referendum was won resoundingly by voters against the cuts, Tsipras was forced but to reject its outcome and negotiate a bailout package with creditors that turned out to be more severe.
Breaking Point
The ex-PM revealed how he started questioning Varoufakis quite early on.
“Varoufakis was the public image of negotiation, the figure who attracted media attention, who appeared on the front pages of magazines the world over … he gave the impression he relished the spotlight.”
After Varoufakis proposed a backup strategy involving creating a parallel currency as well as issuing vouchers to retirees, the leader said he realised that it was game over and asked Varoufakis: “Can you be serious?”
Enduring Criticism
Within the memoir, the author concludes that Varoufakis had proved himself to be “unfit for an agreement that required intricate and sensitive handling.”
Tsipras also wrote that his confrontational approach left him more and more alone with colleagues, endangered the country, while assisted hardliners that were pushing for a Greek exit from the euro.
This retelling of events has been met with anger along with shock in some quarters, while the former minister has kept a deafening silence regarding these claims.
