Within his recently unveiled autobiography, named Ithaki, the ex- premier Alexis Tsipras does not hold back as he examines that turbulent era of Greece's debt drama.
A Controversial Appointment
As per Tsipras's version, Tsipras appointed that maverick economist Varoufakis to be the treasury head mainly because of the latter's international reputation and his “extremely attractive” abilities as a communicator.
“He was, in reality, more like a personality and less of an economic expert,” wrote the 51-year-old.
Conflicting Priorities
The former leader claims that his finance chief possessed a personal motives which involved promoting Varoufakis's publications as well as testing out his theories using Greece instead of genuinely advocating its financial survival.
He noted that those negotiations to avoid bankruptcy became “not only a method of achieving improved terms for the country. They became an experiment, an historic chance to prove the truth of his theories.”
High-Stakes Talks
Amid rollercoaster negotiations, the country found itself perilously on the brink of leaving the eurozone.
At stake was not only Greece's destiny but also those punishing austerity measures demanded in return for financial aid by international creditors.
Failed Alternatives
Efforts to find funds elsewhere, including a desperate appeal to Russia to buy Greek government bonds, were rejected.
Helping Greece would be tantamount to tossing cash into the garbage, Putin reportedly informed Tsipras during their meeting.
Referendum and U-Turn
In July 2015, the harsh conditions were subjected to a popular referendum, an action which threw Europe into a deeper existential crisis.
Even though the vote was won resoundingly by voters who opposed austerity, the prime minister had little option but to reject its outcome then agree to a bailout package from foreign lenders which proved to be tougher.
Breaking Point
The ex-PM revealed how he started questioning his finance minister relatively soon.
“He was the face of the talks, the figure who drew media attention, who graced the front pages of magazines the world over … it seemed he relished his new role.”
When Varoufakis proposed a contingency plan that included creating a parallel currency and issuing coupons to pensioners, Tsipras said he realised it was the end and asked Varoufakis: “Are you serious?”
Lasting Rebuke
Within the memoir, the author concludes how his former ally demonstrated himself to be “unfit for a deal demanding complex and delicate handling.”
Tsipras also wrote that his aggressive approach left him increasingly isolated with colleagues, endangered the country, while helped hawks that were pushing for a Greek exit from the euro.
The account of events has been met with anger and stunned disbelief in some quarters, while Varoufakis has maintained a deafening silence on the matter.
