Within his newly released memoir, called Ithaki, the ex- leader Alexis Tsipras does not hold back as he revisits the chaotic period during Greece's economic turmoil.
A Controversial Appointment
According to Tsipras's recollections, Tsipras chose that unorthodox academic Varoufakis as the treasury head primarily due to the latter's worldwide fame along with his highly compelling skills as a communicator.
“In reality, he was, in reality, more like a personality rather than an economist,” recalled Tsipras.
Clashing Priorities
The former leader suggests how Varoufakis possessed a personal agenda that involved promoting his publications and testing out his own theories on Greece rather than genuinely fighting for the country's financial survival.
Tsipras wrote that those negotiations to avoid insolvency were “not only a way of achieving improved terms for Greece. They were a test, a monumental opportunity to prove the validity of his economic theories.”
High-Stakes Negotiations
Amid tense negotiations, the country found itself perilously on the brink of exiting the eurozone.
At stake lay not only Greece's future and the severe austerity policies demanded in exchange for financial aid from international creditors.
Unsuccessful Options
Attempts to find financing elsewhere, such as a desperate plea to Russia to purchase Greek government bonds, went unanswered.
Assisting the indebted country would be equivalent to throwing money into the garbage, Putin reportedly told Tsipras in Moscow.
Public Vote Followed by Reversal
In July 2015, those punitive bailout terms were subjected to a popular referendum, a move that plunged Europe into further existential crisis.
Even though the referendum was won resoundingly by voters against the cuts, Tsipras had little option but to reject its outcome and negotiate a rescue deal from creditors that turned out to be even harsher.
Final Straw
Tsipras revealed how he started questioning Varoufakis quite early on.
“Varoufakis was the public image of the talks, the man who attracted publicity, who appeared on the front pages of publications the world over … he gave the impression he relished the spotlight.”
When the minister outlined a contingency plan involving creating a parallel currency and distributing vouchers to pensioners, Tsipras knew that it was the end and asked him: “Can you be serious?”
Enduring Rebuke
In the memoir, Tsipras concludes how his former ally demonstrated himself “unsuitable for an agreement demanding intricate and sensitive handling.”
He further claimed how his aggressive style made him more and more alone among peers, put Greece at risk, and helped hawks that were pushing for Grexit.
The account of history has provoked fury along with stunned disbelief in some quarters, while Varoufakis has maintained a deafening silence on the matter.
