Within his recently unveiled memoir, titled Ithaki, the former premier Alexis Tsipras pulls no punches as he reflects on that turbulent era of Greece's economic turmoil.
An Unconventional Choice
As per Tsipras's version, he chose that unorthodox academic Varoufakis to be his treasury head mainly because of his global profile and Varoufakis's very persuasive abilities when it came to speaker.
“He was, in reality, more of a personality and less of an economist,” wrote Tsipras.
Conflicting Priorities
The former leader suggests that his finance chief possessed his own agenda which involved promoting his publications and experimenting with his economic models on the nation instead of genuinely advocating its financial survival.
Tsipras noted that the talks to prevent bankruptcy became “not just a way to secure a better deal for the country. They were a test, a monumental opportunity to prove the truth of his theories.”
Critical Negotiations
During tense discussions, Greece came dangerously on the brink of exiting the single currency area.
At stake lay both Greece's destiny and those severe cutbacks demanded in exchange for financial aid from international creditors.
Unsuccessful Alternatives
Attempts to secure financing elsewhere, including a desperate plea to Russia to purchase Greek government bonds, fell on stony ground.
Assisting Greece was tantamount to throwing money into the garbage, the Russian leader reportedly told Tsipras in Moscow.
Referendum Followed by U-Turn
In July 2015, those punitive conditions were subjected to a popular referendum, a move that plunged the EU into further existential crisis.
Although the referendum was won decisively by voters against the cuts, the prime minister was forced to ignore the result and negotiate a rescue deal with creditors which turned out to be tougher.
Final Straw
Tsipras claimed that he started questioning Varoufakis quite early on.
“He was the public image of the talks, the man who drew publicity, who appeared on the covers of magazines globally … it seemed he was enjoying the spotlight.”
After Varoufakis proposed a contingency plan involving creating a parallel currency and distributing coupons to retirees, Tsipras said he realised it was the end questioning him: “Can you be serious?”
Lasting Rebuke
Within the memoir, the author concludes how Varoufakis had proved himself “unsuitable for a deal demanding complex and delicate handling.”
He further claimed that his confrontational style made him increasingly isolated with colleagues, endangered the country, while helped hardliners that were advocating a Greek exit from the euro.
The account of events has provoked anger and shock in some quarters, while the former minister has kept a deafening silence on the matter.
