Within his newly released autobiography, called Ithaki, the ex- premier Alexis Tsipras does not hold back while he revisits the chaotic era during Greece's economic turmoil.
An Unconventional Appointment
As per the ex-PM's account, he selected the unorthodox economist Varoufakis to be the treasury head largely because of his worldwide fame and Varoufakis's highly compelling skills as a public orator.
“He was, actually, more of a celebrity rather than an economic expert,” wrote the 51-year-old.
Conflicting Priorities
The former leader suggests how his finance chief possessed his own agenda that involved advancing his books and experimenting with his theories using Greece rather than truly advocating the country's financial survival.
Tsipras wrote that the discussions to avoid insolvency became “not just a way to secure improved terms for the country. They became an experiment, a monumental opportunity to prove the validity of Varoufakis's ideas.”
Critical Talks
During tense discussions, Greece came dangerously close to leaving the single currency area.
On the line lay both Greece's future and those punishing cutbacks demanded in exchange for rescue loans by foreign lenders.
Failed Options
Attempts to secure financing from other sources, such as an urgent plea to Russia to purchase Greek bonds, were rejected.
Assisting the indebted country was tantamount to throwing money in the trash-can, Putin is reputed to have informed Tsipras during their meeting.
Referendum and Reversal
That summer, those harsh conditions were put to a public vote, a move that plunged Europe into a further existential crisis.
Even though the referendum was won resoundingly by voters against austerity, the prime minister was forced but to reject its outcome and negotiate a rescue deal with creditors that turned out to be tougher.
Breaking Point
The ex-PM revealed how he started questioning his finance minister relatively soon.
“He was the public image of negotiation, the figure who attracted media attention, who appeared on the front pages of publications globally … he gave the impression he relished his new role.”
After the minister proposed a backup strategy involving establishing a secondary currency as well as distributing vouchers to retirees, the leader knew that it was the end and asked Varoufakis: “Is this for real?”
Lasting Criticism
Within the memoir, Tsipras asserts that his former ally demonstrated himself to be “unfit for an agreement demanding complex and delicate handling.”
Tsipras further claimed that Varoufakis's aggressive style made him increasingly isolated with colleagues, endangered the country, while assisted hawks who were advocating Grexit.
This account of events has provoked fury and stunned disbelief in some quarters, while Varoufakis has so far kept a deafening silence on the matter.
