Within his freshly published autobiography, named Ithaki, the former prime minister Alexis Tsipras pulls no punches as he reflects on that chaotic era during Greece's debt drama.
An Unconventional Appointment
According to Tsipras's version, Tsipras chose that maverick economist Varoufakis as his finance minister primarily due to the latter's worldwide fame and his very persuasive abilities as a communicator.
“He was, truthfully, more like a personality and less of an economist,” wrote Tsipras.
Clashing Agendas
Tsipras claims how Varoufakis had a personal agenda that involved promoting his books and testing out his theories using Greece rather than truly advocating its economic stability.
He noted how those negotiations to stave off bankruptcy became “not just a method of achieving a better deal for Greece. They were a test, an historic chance to prove the validity of Varoufakis's economic theories.”
High-Stakes Talks
Amid volatile negotiations, Greece found itself dangerously close to exiting the eurozone.
At stake was both Greece's future but also the harsh austerity policies demanded in return for bailout funds by international creditors.
Failed Options
Attempts to secure financing elsewhere, including an urgent plea to Russia to purchase Greek bonds, fell on stony ground.
Assisting Greece would be tantamount to tossing cash in the trash-can, Putin is reputed to have informed his Greek counterpart during their meeting.
Referendum Followed by U-Turn
In July 2015, the excoriating bailout terms were subjected to a popular referendum, a move which plunged Europe into deeper existential crisis.
Even though the referendum was carried resoundingly by those who opposed the cuts, Tsipras had little option but to ignore the result and negotiate a rescue deal from creditors that proved to be tougher.
Final Straw
The ex-PM claimed how he began to doubt Varoufakis quite early on.
“He was the public image of the talks, the man who drew publicity, who appeared on the covers of magazines the world over … he gave the impression he relished his new role.”
After Varoufakis outlined a contingency plan involving establishing a secondary currency as well as distributing coupons to retirees, Tsipras knew it was the end questioning him: “Is this for real?”
Lasting Criticism
In the book, Tsipras concludes how his former ally demonstrated himself to be “unsuitable for an agreement that required complex and sensitive handling.”
Tsipras further wrote that his confrontational style left him increasingly isolated among peers, endangered the country, and assisted hawks who were advocating Grexit.
The account of events has provoked fury along with stunned disbelief among certain groups, while the former minister has kept a deafening silence regarding these claims.
