Within his newly released autobiography, titled Ithaki, the ex- premier Alexis Tsipras pulls no punches as he revisits the turbulent period of Greece's debt drama.
A Controversial Appointment
As per the ex-PM's recollections, Tsipras chose that unorthodox academic Varoufakis to be his treasury head largely due to the latter's international reputation along with his very persuasive abilities when it came to speaker.
“He was, truthfully, more of a celebrity rather than an economist,” stated Tsipras.
Conflicting Priorities
Tsipras suggests how his finance chief possessed a personal agenda that involved promoting his publications and testing out his economic models using Greece rather than genuinely fighting for the country's financial survival.
He explained how those talks to avoid bankruptcy became “not just a method of achieving improved terms for Greece. They became an experiment, a monumental chance to prove the validity of his economic theories.”
High-Stakes Negotiations
Amid tense negotiations, the country came dangerously close to exiting the eurozone.
On the line was not only the country's future but also those punishing austerity measures required in exchange for rescue loans by international creditors.
Unsuccessful Options
Efforts to find funds elsewhere, such as a desperate appeal to the Kremlin to purchase Greek government bonds, fell on stony ground.
Helping the indebted country would be tantamount to tossing cash in the trash-can, the Russian leader is reputed to have told his Greek counterpart during their meeting.
Referendum and Reversal
In July 2015, the punitive conditions were put to a public vote, an action which plunged Europe into deeper crisis of identity.
Even though the referendum was won decisively by those who opposed the cuts, Tsipras had little option but to reject its outcome then negotiate a bailout package from foreign lenders which turned out to be even harsher.
Breaking Point
The ex-PM revealed that he began to doubt his finance minister relatively soon.
“Varoufakis was the face of the talks, the figure who drew media attention, who graced the covers of magazines the world over … it seemed he relished his new role.”
When the minister proposed a contingency plan involving creating a secondary currency and issuing coupons to pensioners, the leader knew it was game over questioning him: “Can you be serious?”
Lasting Rebuke
In the memoir, Tsipras asserts that his former ally demonstrated himself to be “unsuitable for an agreement that required complex and delicate handling.”
Tsipras further claimed that his aggressive approach made him increasingly isolated with colleagues, put Greece at risk, while assisted hardliners that were pushing for Grexit.
This retelling of events has been met with anger and stunned disbelief in some quarters, whereas the former minister has so far kept a conspicuous quiet on the matter.
