In a recently unveiled autobiography, named Ithaki, the former premier Alexis Tsipras pulls no punches as he revisits that turbulent era during Greece's debt drama.
An Unconventional Choice
As per Tsipras's version, Tsipras appointed the unorthodox academic Varoufakis as his treasury head primarily because of the latter's international reputation and his very persuasive abilities when it came to public orator.
“In reality, he was, truthfully, more of a personality rather than an economist,” wrote the 51-year-old.
Conflicting Priorities
Tsipras suggests how his finance chief possessed a personal motives that included advancing Varoufakis's publications as well as experimenting with his economic models on Greece instead of truly fighting for its economic stability.
Tsipras wrote that the discussions to avoid insolvency were “not just a way of achieving a better deal for Greece. They were a test, an historic opportunity to demonstrate the validity of Varoufakis's theories.”
Critical Negotiations
Amid volatile negotiations, the country came dangerously on the brink of leaving the eurozone.
On the line was not only the country's future and those harsh austerity policies required in exchange for financial aid by foreign lenders.
Unsuccessful Options
Efforts to find financing elsewhere, including a desperate plea to the Kremlin to purchase Greek bonds, were rejected.
Assisting the indebted country would be tantamount to throwing money into the garbage, Putin reportedly told Tsipras during their meeting.
Public Vote and U-Turn
That summer, the excoriating conditions were put to a public vote, a move that threw Europe into deeper existential crisis.
Even though the vote was carried decisively by voters who opposed the cuts, the prime minister was forced to ignore the result then negotiate a rescue deal from foreign lenders that turned out to be even harsher.
Final Straw
The ex-PM claimed how he began to doubt Varoufakis relatively soon.
“Varoufakis was the face of negotiation, the man who attracted publicity, who appeared on the front pages of publications globally … he gave the impression he relished his new role.”
After Varoufakis proposed a backup strategy involving creating a secondary currency as well as distributing vouchers to retirees, the leader said he realised it was game over questioning him: “Is this for real?”
Enduring Criticism
In the book, Tsipras asserts that his former ally had proved himself to be “unsuitable for a deal that required intricate and delicate management.”
Tsipras also claimed that his aggressive style left him more and more alone with colleagues, put Greece at risk, and helped hawks that were advocating a Greek exit from the euro.
This account of history has been met with anger along with shock in some quarters, whereas the former minister has so far kept a deafening silence on the matter.
