In a newly released autobiography, called Ithaki, the former premier Alexis Tsipras pulls no punches while he revisits the chaotic era during Greece's economic turmoil.
A Controversial Choice
As per the ex-PM's recollections, he chose the unorthodox economist Varoufakis to be the treasury head mainly because of his international reputation along with his very persuasive abilities as a communicator.
“He was, in reality, more like a personality and less of an economist,” stated the 51-year-old.
Clashing Priorities
The former leader claims how his finance chief had a personal motives which included advancing his books as well as testing out his economic models using Greece instead of truly fighting for its financial survival.
Tsipras noted that the negotiations to prevent insolvency became “not just a way to secure a better deal for the country. They became an experiment, a monumental chance to demonstrate the truth of Varoufakis's theories.”
Critical Talks
Amid volatile negotiations, Greece came dangerously on the brink of leaving the eurozone.
At stake was not only Greece's destiny but also those harsh cutbacks required in return for bailout funds by foreign lenders.
Failed Options
Attempts to secure financing from other sources, including an urgent plea to Russia to purchase Greek government bonds, fell on stony ground.
Assisting Greece was tantamount to throwing money in the trash-can, Putin reportedly told Tsipras in Moscow.
Public Vote Followed by Reversal
In July 2015, those harsh bailout terms were subjected to a popular referendum, a move that plunged Europe into a further existential crisis.
Although the vote was won decisively by voters against the cuts, Tsipras was forced but to reject its outcome then negotiate a rescue deal with foreign lenders which turned out to be more severe.
Final Straw
Tsipras claimed that he started questioning Varoufakis quite early on.
“Varoufakis was the public image of the talks, the figure who attracted publicity, who graced the front pages of publications globally … it seemed he relished his new role.”
When the minister proposed a contingency plan that included establishing a secondary currency and distributing coupons to pensioners, Tsipras knew it was game over and asked him: “Are you serious?”
Lasting Rebuke
Within the memoir, the author asserts that his former ally had proved himself “unsuitable for a deal demanding intricate and sensitive handling.”
He further wrote how Varoufakis's aggressive approach made him increasingly isolated with colleagues, put Greece at risk, while assisted hawks who were pushing for a Greek exit from the euro.
This retelling of history has been met with anger and stunned disbelief in some quarters, whereas the former minister has so far kept a deafening silence on the matter.
