In a newly released autobiography, named Ithaki, the former leader Alexis Tsipras pulls no punches as he reflects on the turbulent period during Greece's debt drama.
An Unconventional Appointment
According to the ex-PM's account, he chose that maverick economist Varoufakis to be his finance minister mainly because of his worldwide fame along with his very persuasive abilities when it came to speaker.
“He was, actually, more like a personality rather than an economic expert,” stated Tsipras.
Conflicting Priorities
The former leader claims how his finance chief possessed his own motives that included promoting Varoufakis's publications and testing out his economic models on Greece instead of truly fighting for the country's financial survival.
Tsipras wrote how the talks to prevent insolvency became “not only a method to secure a better deal for the country. They became an experiment, an historic chance to demonstrate the truth of his ideas.”
Critical Negotiations
During rollercoaster negotiations, Greece found itself dangerously close to exiting the single currency area.
On the line was both Greece's destiny and those harsh austerity policies demanded in exchange for rescue loans by international creditors.
Failed Options
Attempts to find financing from other sources, including an urgent appeal to Russia to buy Greek bonds, fell on stony ground.
Assisting the indebted country was equivalent to tossing cash into the garbage, Putin reportedly informed Tsipras in Moscow.
Referendum and Reversal
In July 2015, those harsh bailout terms were put to a popular referendum, an action that plunged the EU into deeper existential crisis.
Although the vote was won resoundingly by voters who opposed austerity, the prime minister had little option to ignore the result then negotiate a rescue deal with creditors which turned out to be tougher.
Breaking Point
Tsipras claimed that he began to doubt his finance minister quite early on.
“He was the face of the talks, the figure who attracted media attention, who appeared on the front pages of magazines the world over … he gave the impression he relished the spotlight.”
After Varoufakis outlined a backup strategy involving creating a secondary currency as well as distributing vouchers to pensioners, Tsipras said he realised it was game over questioning him: “Are you serious?”
Enduring Rebuke
In the memoir, the author concludes that his former ally had proved himself to be “unsuitable for a deal that required intricate and sensitive handling.”
He further wrote that his confrontational style left him increasingly isolated among peers, endangered the country, while assisted hardliners that were advocating a Greek exit from the euro.
This retelling of events has provoked anger and stunned disbelief in some quarters, while the former minister has kept a conspicuous quiet on the matter.
