Within his recently unveiled personal account, called Ithaki, the ex- leader Alexis Tsipras pulls no punches while he revisits the turbulent era during Greece's debt drama.
A Controversial Appointment
As per the ex-PM's recollections, Tsipras selected the unorthodox academic Varoufakis to be his treasury head largely due to the latter's global profile and Varoufakis's very persuasive skills when it came to communicator.
“He was, in reality, more of a star and less of an economic expert,” recalled Tsipras.
Conflicting Agendas
Tsipras alleges that his finance chief possessed a personal motives that included promoting Varoufakis's publications and testing out his game theories on Greece rather than genuinely advocating its economic stability.
Tsipras explained how those talks to stave off insolvency became “not just a way to secure a better deal for the country. They became an experiment, an historic chance to prove the validity of his ideas.”
High-Stakes Negotiations
During tense negotiations, Greece came dangerously close to exiting the single currency area.
At stake lay not only the country's future and the severe austerity policies required in return for bailout funds by foreign lenders.
Unsuccessful Alternatives
Attempts to find funds elsewhere, such as a desperate appeal to the Kremlin to buy Greek government bonds, fell on stony ground.
Assisting the indebted country would be equivalent to throwing money in the trash-can, the Russian leader reportedly informed his Greek counterpart in Moscow.
Referendum and Reversal
That summer, the harsh conditions were subjected to a popular referendum, an action that threw Europe into a deeper existential crisis.
Although the vote was won decisively by voters against austerity, the prime minister was forced but to reject its outcome then negotiate a rescue deal with foreign lenders which turned out to be tougher.
Final Straw
The ex-PM revealed how he started questioning his finance minister relatively soon.
“He was the face of negotiation, the figure who drew media attention, who appeared on the front pages of publications the world over … he gave the impression he was enjoying his new role.”
After Varoufakis outlined a backup strategy involving creating a parallel currency and issuing vouchers to pensioners, the leader said he realised that it was the end and asked him: “Is this for real?”
Enduring Rebuke
In the memoir, Tsipras asserts how Varoufakis demonstrated himself to be “unsuitable for an agreement that required complex and sensitive handling.”
He also wrote that his confrontational style made him more and more alone among peers, endangered the country, while helped hawks that were pushing for Grexit.
The account of history has been met with fury and stunned disbelief among certain groups, while Varoufakis has maintained a conspicuous quiet regarding these claims.
