In a newly released autobiography, titled Ithaki, the ex- leader Alexis Tsipras does not hold back while he reflects on the chaotic era of Greece's debt drama.
A Controversial Appointment
According to Tsipras's account, Tsipras selected the maverick economist Varoufakis as his finance minister largely because of the latter's worldwide fame along with Varoufakis's very persuasive abilities as a public orator.
“In reality, he was, in reality, more of a personality and less of an economist,” stated Tsipras.
Conflicting Priorities
The former leader alleges that his finance chief had a personal motives that included promoting Varoufakis's publications and testing out his own economic models using Greece rather than truly advocating its financial survival.
He noted that those talks to stave off insolvency were “not only a method to secure a better deal for the country. They became an experiment, a monumental chance to demonstrate the validity of his theories.”
High-Stakes Negotiations
During rollercoaster discussions, Greece came dangerously on the brink of leaving the eurozone.
On the line lay not only the country's future and those severe cutbacks required in return for bailout funds from foreign lenders.
Failed Options
Efforts to find funds from other sources, including a desperate plea to the Kremlin to purchase Greek government bonds, fell on stony ground.
Assisting the indebted country was tantamount to throwing money in the trash-can, the Russian leader reportedly told Tsipras during their meeting.
Public Vote and U-Turn
That summer, the punitive conditions were put to a public vote, an action which plunged the EU into further crisis of identity.
Even though the referendum was won resoundingly by voters who opposed the cuts, Tsipras was forced but to reject its outcome and negotiate a rescue deal with creditors that turned out to be even harsher.
Final Straw
The ex-PM claimed how he began to doubt Varoufakis relatively soon.
“He was the face of negotiation, the man who attracted media attention, who graced the covers of magazines the world over … it seemed he relished his new role.”
After Varoufakis outlined a contingency plan involving establishing a secondary currency as well as issuing vouchers to pensioners, Tsipras said he realised that it was the end and asked him: “Can you be serious?”
Lasting Criticism
Within the memoir, the author asserts how Varoufakis had proved himself to be “unsuitable for an agreement demanding intricate and delicate management.”
He further wrote that his confrontational approach left him increasingly isolated with colleagues, put Greece at risk, while assisted hawks who were advocating a Greek exit from the euro.
This retelling of events has been met with fury and shock in some quarters, whereas Varoufakis has so far kept a deafening silence on the matter.
