In a recently unveiled autobiography, titled Ithaki, the former prime minister Alexis Tsipras pulls no punches while he reflects on the chaotic era during Greece's debt drama.
An Unconventional Appointment
As per the ex-PM's version, he chose the maverick economist Varoufakis to be his finance minister primarily due to the latter's international reputation and Varoufakis's highly compelling abilities when it came to communicator.
“In reality, he was, actually, more like a celebrity rather than an economist,” recalled the 51-year-old.
Conflicting Agendas
The former leader claims that Varoufakis had his own agenda which included advancing his publications as well as experimenting with his own theories on Greece instead of truly fighting for the country's economic stability.
Tsipras noted how those negotiations to avoid insolvency became “not just a way of achieving improved terms for Greece. They became a test, an historic opportunity to prove the validity of his theories.”
High-Stakes Negotiations
During volatile negotiations, the country found itself perilously on the brink of exiting the eurozone.
At stake was not only the country's future but also those harsh austerity policies demanded in exchange for rescue loans from international creditors.
Unsuccessful Alternatives
Efforts to secure funds from other sources, including an urgent plea to Russia to purchase Greek bonds, were rejected.
Assisting the indebted country would be equivalent to throwing money in the trash-can, Putin reportedly informed his Greek counterpart during their meeting.
Public Vote and Reversal
That summer, those excoriating bailout terms were put to a public vote, a move which plunged the EU into deeper crisis of identity.
Although the vote was won resoundingly by those who opposed austerity, the prime minister had little option but to ignore the result and agree to a bailout package from foreign lenders that proved to be more severe.
Final Straw
Tsipras claimed that he began to doubt his finance minister quite early on.
“He was the face of negotiation, the man who drew media attention, who graced the covers of publications globally … it seemed he was enjoying the spotlight.”
After Varoufakis proposed a backup strategy involving establishing a secondary currency and issuing coupons to retirees, Tsipras said he realised it was the end questioning him: “Is this for real?”
Enduring Criticism
Within the book, the author asserts how Varoufakis demonstrated himself “unfit for a deal demanding intricate and sensitive handling.”
He also claimed how his confrontational approach left him increasingly isolated among peers, put Greece at risk, and assisted hardliners who were advocating Grexit.
The retelling of history has been met with fury along with shock among certain groups, while the former minister has so far maintained a conspicuous quiet regarding these claims.
