Within his freshly published autobiography, called Ithaki, the ex- prime minister Alexis Tsipras does not hold back as he examines the turbulent era during Greece's debt drama.
A Controversial Appointment
According to the ex-PM's account, Tsipras selected that unorthodox economist Varoufakis to be his treasury head largely because of his worldwide fame and his “extremely attractive” abilities when it came to communicator.
“In reality, he was, actually, more like a star rather than an economist,” recalled the 51-year-old.
Clashing Priorities
Tsipras claims how his finance chief had a personal motives which included promoting Varoufakis's publications and experimenting with his economic models using Greece instead of genuinely advocating the country's economic stability.
He explained how the discussions to prevent insolvency became “not only a way to secure improved terms for the country. They were a test, an historic chance to prove the validity of Varoufakis's theories.”
High-Stakes Talks
During rollercoaster negotiations, the country came dangerously close to exiting the single currency area.
At stake lay both the country's future and the harsh austerity policies required in return for bailout funds by international creditors.
Failed Options
Attempts to secure financing elsewhere, such as a desperate appeal to the Kremlin to buy Greek bonds, went unanswered.
Assisting Greece would be tantamount to throwing money in the trash-can, the Russian leader reportedly told Tsipras during their meeting.
Public Vote Followed by U-Turn
That summer, the harsh bailout terms were subjected to a popular referendum, a move that threw the EU into a deeper crisis of identity.
Although the vote was won decisively by voters who opposed the cuts, Tsipras had little option but to ignore the result then agree to a bailout package from creditors which proved to be more severe.
Final Straw
Tsipras revealed that he began to doubt Varoufakis relatively soon.
“He was the face of negotiation, the man who drew media attention, who graced the covers of publications globally … it seemed he relished his new role.”
After the minister outlined a contingency plan involving creating a secondary currency as well as issuing coupons to retirees, the leader knew it was the end and asked Varoufakis: “Are you serious?”
Lasting Criticism
In the memoir, the author asserts that his former ally had proved himself to be “unsuitable for an agreement that required intricate and delicate handling.”
He further claimed that his aggressive style made him increasingly isolated among peers, put Greece at risk, while assisted hardliners that were pushing for a Greek exit from the euro.
The retelling of history has been met with anger along with shock among certain groups, whereas the former minister has so far maintained a conspicuous quiet on the matter.
