In a recently unveiled autobiography, named Ithaki, the former premier Alexis Tsipras pulls no punches as he examines that turbulent era during Greece's debt drama.
An Unconventional Choice
In the ex-PM's account, Tsipras selected the maverick academic Varoufakis to be his treasury head mainly due to the latter's global profile and his highly compelling abilities when it came to communicator.
“He was, in reality, more of a celebrity rather than an economist,” stated Tsipras.
Conflicting Agendas
The former leader suggests how Varoufakis had his own motives which included advancing Varoufakis's publications as well as testing out his theories using Greece rather than genuinely fighting for the country's financial survival.
Tsipras wrote how those discussions to avoid bankruptcy were “not just a way to secure improved terms for the country. They were an experiment, a monumental chance to demonstrate the truth of Varoufakis's ideas.”
Critical Talks
Amid tense negotiations, the country came dangerously close to leaving the eurozone.
On the line lay both the country's destiny and the severe austerity policies demanded in exchange for rescue loans from international creditors.
Failed Alternatives
Attempts to secure financing elsewhere, such as an urgent appeal to the Kremlin to purchase Greek government bonds, were rejected.
Helping the indebted country would be equivalent to throwing money into the garbage, the Russian leader reportedly informed his Greek counterpart in Moscow.
Referendum Followed by U-Turn
That summer, those harsh bailout terms were subjected to a popular referendum, a move which plunged Europe into deeper existential crisis.
Although the referendum was carried decisively by those who opposed the cuts, Tsipras was forced to reject its outcome then negotiate a bailout package with foreign lenders which turned out to be tougher.
Final Straw
The ex-PM claimed how he began to doubt Varoufakis relatively soon.
“Varoufakis was the public image of negotiation, the figure who drew publicity, who appeared on the covers of publications the world over … it seemed he relished his new role.”
When the minister outlined a contingency plan that included creating a secondary currency as well as issuing coupons to retirees, Tsipras said he realised that it was the end questioning him: “Can you be serious?”
Enduring Criticism
Within the memoir, Tsipras concludes that his former ally had proved himself “unfit for an agreement that required complex and delicate handling.”
He also claimed that his confrontational style left him more and more alone with colleagues, put Greece at risk, while assisted hardliners that were pushing for a Greek exit from the euro.
This account of history has been met with fury along with stunned disbelief among certain groups, while the former minister has so far maintained a deafening silence on the matter.
