In a newly released personal account, titled Ithaki, the former leader Alexis Tsipras spares no criticism while he reflects on that chaotic period during Greece's debt drama.
A Controversial Choice
In the ex-PM's version, he chose that unorthodox academic Varoufakis as the treasury head primarily due to his worldwide fame along with Varoufakis's highly compelling skills when it came to public orator.
“He was, actually, more of a star rather than an economist,” recalled Tsipras.
Clashing Agendas
The former leader suggests how Varoufakis had a personal motives which involved promoting his publications as well as testing out his own theories using Greece rather than truly advocating the country's economic stability.
Tsipras wrote that those discussions to stave off bankruptcy were “not just a way to secure improved terms for the country. They became an experiment, a monumental chance to demonstrate the validity of his economic theories.”
Critical Negotiations
During rollercoaster negotiations, Greece came dangerously close to exiting the eurozone.
On the line was not only Greece's future and those punishing cutbacks demanded in exchange for financial aid by international creditors.
Unsuccessful Alternatives
Attempts to secure financing from other sources, such as a desperate appeal to Russia to purchase Greek bonds, went unanswered.
Assisting the indebted country was tantamount to tossing cash into the garbage, Putin is reputed to have told his Greek counterpart during their meeting.
Referendum Followed by Reversal
That summer, those harsh conditions were put to a public vote, a move that plunged Europe into further crisis of identity.
Even though the vote was carried decisively by those against austerity, the prime minister was forced to ignore the result and agree to a rescue deal from creditors which proved to be more severe.
Breaking Point
Tsipras revealed that he started questioning his finance minister quite early on.
“Varoufakis was the face of the talks, the figure who attracted media attention, who appeared on the covers of publications the world over … he gave the impression he relished the spotlight.”
After the minister outlined a backup strategy that included establishing a secondary currency and issuing coupons to retirees, Tsipras said he realised that it was game over and asked him: “Are you serious?”
Enduring Criticism
Within the book, Tsipras concludes that his former ally had proved himself “unfit for an agreement that required complex and delicate management.”
He also claimed how his aggressive approach made him increasingly isolated among peers, endangered the country, and helped hawks who were advocating a Greek exit from the euro.
This retelling of history has been met with fury and shock among certain groups, while Varoufakis has maintained a conspicuous quiet on the matter.
