Within his recently unveiled autobiography, called Ithaki, the former prime minister Alexis Tsipras does not hold back while he reflects on the turbulent period during Greece's financial crisis.
A Controversial Choice
As per the ex-PM's account, Tsipras chose the maverick economist Varoufakis as his finance minister mainly because of the latter's worldwide fame and Varoufakis's very persuasive skills when it came to public orator.
“He was, truthfully, more like a personality and less of an economist,” stated the 51-year-old.
Conflicting Priorities
Tsipras suggests how his finance chief possessed his own motives that involved promoting his publications as well as experimenting with his theories using the nation instead of truly advocating its financial survival.
He noted how those discussions to prevent bankruptcy became “not just a way to secure improved terms for the country. They became an experiment, an historic opportunity to demonstrate the truth of Varoufakis's economic theories.”
High-Stakes Talks
During tense negotiations, the country found itself perilously close to exiting the single currency area.
At stake lay not only the country's future and the severe austerity policies required in exchange for bailout funds from international creditors.
Failed Options
Efforts to secure funds elsewhere, including an urgent plea to the Kremlin to purchase Greek bonds, went unanswered.
Helping the indebted country was tantamount to tossing cash in the trash-can, the Russian leader is reputed to have informed his Greek counterpart in Moscow.
Public Vote Followed by Reversal
In July 2015, those punitive conditions were put to a public vote, a move that plunged Europe into deeper crisis of identity.
Even though the referendum was won decisively by those who opposed the cuts, the prime minister had little option to ignore the result and negotiate a rescue deal with creditors that turned out to be even harsher.
Breaking Point
Tsipras claimed how he began to doubt his finance minister quite early on.
“He was the public image of the talks, the figure who attracted media attention, who graced the front pages of publications the world over … it seemed he relished his new role.”
When Varoufakis proposed a backup strategy that included creating a parallel currency as well as issuing coupons to retirees, the leader said he realised it was the end and asked Varoufakis: “Can you be serious?”
Enduring Rebuke
Within the memoir, Tsipras concludes that his former ally demonstrated himself “unsuitable for an agreement demanding intricate and delicate management.”
He also claimed that his confrontational approach left him increasingly isolated among peers, put Greece at risk, while assisted hardliners that were advocating a Greek exit from the euro.
This retelling of events has been met with fury and stunned disbelief among certain groups, while the former minister has kept a conspicuous quiet on the matter.
