In a newly released autobiography, named Ithaki, the former leader Alexis Tsipras pulls no punches as he revisits that turbulent period during Greece's debt drama.
An Unconventional Appointment
According to Tsipras's account, Tsipras appointed the unorthodox academic Varoufakis to be the finance minister largely because of his worldwide fame along with his highly compelling skills when it came to communicator.
“In reality, he was, in reality, more of a celebrity rather than an economic expert,” wrote Tsipras.
Clashing Agendas
The former leader alleges how Varoufakis possessed a personal motives that involved advancing his publications and testing out his theories on Greece instead of genuinely advocating its economic stability.
He explained that the negotiations to stave off insolvency became “not just a method of achieving improved terms for Greece. They were an experiment, a monumental chance to prove the validity of his economic theories.”
High-Stakes Talks
During volatile discussions, the country came perilously on the brink of leaving the eurozone.
At stake lay not only the country's destiny but also the harsh cutbacks demanded in return for rescue loans from international creditors.
Unsuccessful Options
Attempts to secure funds elsewhere, including a desperate plea to the Kremlin to purchase Greek bonds, fell on stony ground.
Assisting the indebted country would be tantamount to throwing money into the garbage, Putin is reputed to have informed Tsipras during their meeting.
Public Vote Followed by Reversal
That summer, the excoriating bailout terms were put to a public vote, an action which plunged the EU into a deeper existential crisis.
Even though the vote was won resoundingly by those against austerity, Tsipras was forced to reject its outcome and agree to a rescue deal with foreign lenders that turned out to be even harsher.
Final Straw
The ex-PM claimed that he began to doubt Varoufakis relatively soon.
“He was the face of negotiation, the man who drew media attention, who appeared on the covers of magazines the world over … it seemed he was enjoying the spotlight.”
After Varoufakis proposed a backup strategy that included creating a parallel currency and issuing vouchers to pensioners, Tsipras knew that it was the end questioning Varoufakis: “Can you be serious?”
Enduring Rebuke
Within the book, the author concludes that Varoufakis demonstrated himself “unsuitable for an agreement that required intricate and sensitive handling.”
Tsipras further wrote how his confrontational approach made him more and more alone among peers, put Greece at risk, and assisted hawks who were advocating Grexit.
The account of events has provoked fury and shock among certain groups, while the former minister has maintained a conspicuous quiet regarding these claims.
