In a newly released autobiography, named Ithaki, the ex- leader Alexis Tsipras does not hold back as he examines the chaotic period during Greece's debt drama.
An Unconventional Appointment
In the ex-PM's version, Tsipras selected that maverick academic Varoufakis to be the treasury head largely because of the latter's global profile and his very persuasive abilities as a public orator.
“In reality, he was, in reality, more of a celebrity rather than an economic expert,” wrote Tsipras.
Clashing Agendas
The former leader suggests that his finance chief had his own agenda that included promoting Varoufakis's books as well as testing out his own game theories on Greece rather than truly fighting for its economic stability.
Tsipras wrote how the discussions to avoid bankruptcy became “not only a way to secure improved terms for Greece. They were a test, a monumental opportunity to prove the truth of Varoufakis's ideas.”
Critical Talks
During rollercoaster discussions, Greece found itself perilously close to leaving the eurozone.
On the line was both the country's destiny and the severe cutbacks demanded in exchange for rescue loans by foreign lenders.
Failed Alternatives
Attempts to secure funds elsewhere, such as an urgent appeal to the Kremlin to buy Greek bonds, fell on stony ground.
Helping Greece was tantamount to throwing money into the garbage, the Russian leader reportedly told Tsipras during their meeting.
Referendum and U-Turn
That summer, those excoriating bailout terms were put to a popular referendum, an action that plunged the EU into further existential crisis.
Even though the vote was won resoundingly by voters who opposed the cuts, the prime minister had little option but to ignore the result then agree to a bailout package from foreign lenders that turned out to be more severe.
Breaking Point
The ex-PM claimed that he started questioning his finance minister quite early on.
“Varoufakis was the public image of negotiation, the figure who drew media attention, who graced the covers of magazines the world over … it seemed he was enjoying the spotlight.”
When Varoufakis proposed a backup strategy that included establishing a parallel currency and issuing coupons to pensioners, the leader knew it was the end questioning him: “Is this for real?”
Lasting Criticism
Within the book, the author concludes that Varoufakis had proved himself “unsuitable for a deal demanding intricate and sensitive management.”
Tsipras also wrote how his confrontational approach made him increasingly isolated among peers, put Greece at risk, while assisted hawks that were pushing for a Greek exit from the euro.
The retelling of history has been met with anger and stunned disbelief in some quarters, whereas the former minister has so far kept a conspicuous quiet regarding these claims.
