In a freshly published autobiography, named Ithaki, the former premier Alexis Tsipras pulls no punches as he examines that turbulent era during Greece's financial crisis.
A Controversial Choice
As per Tsipras's version, he selected that unorthodox economist Varoufakis to be the treasury head primarily due to the latter's worldwide fame along with Varoufakis's “extremely attractive” abilities as a speaker.
“In reality, he was, actually, more like a personality rather than an economist,” recalled the 51-year-old.
Conflicting Agendas
Tsipras claims that his finance chief had his own motives which included promoting his books as well as testing out his economic models using Greece instead of genuinely fighting for its economic stability.
Tsipras noted that those discussions to prevent bankruptcy became “not just a method of achieving improved terms for the country. They were an experiment, an historic chance to demonstrate the truth of his economic theories.”
High-Stakes Negotiations
During tense negotiations, Greece came dangerously close to exiting the eurozone.
At stake lay not only Greece's future but also the punishing cutbacks demanded in exchange for rescue loans from foreign lenders.
Failed Alternatives
Attempts to secure financing elsewhere, such as a desperate plea to the Kremlin to purchase Greek government bonds, fell on stony ground.
Helping the indebted country was tantamount to throwing money in the trash-can, the Russian leader is reputed to have told his Greek counterpart during their meeting.
Public Vote and U-Turn
That summer, the punitive conditions were subjected to a public vote, a move which plunged the EU into deeper existential crisis.
Even though the vote was won decisively by voters who opposed the cuts, Tsipras was forced to reject its outcome then agree to a rescue deal from foreign lenders that turned out to be tougher.
Breaking Point
Tsipras claimed how he began to doubt his finance minister relatively soon.
“He was the face of negotiation, the man who drew publicity, who appeared on the front pages of publications globally … he gave the impression he was enjoying his new role.”
After Varoufakis outlined a backup strategy that included creating a parallel currency and distributing vouchers to retirees, the leader knew that it was the end and asked Varoufakis: “Can you be serious?”
Enduring Rebuke
Within the book, Tsipras concludes how Varoufakis had proved himself to be “unsuitable for a deal demanding intricate and delicate management.”
Tsipras further claimed how Varoufakis's confrontational approach made him more and more alone among peers, put Greece at risk, and helped hardliners that were advocating Grexit.
This retelling of events has provoked anger and shock in some quarters, whereas the former minister has maintained a conspicuous quiet on the matter.
