In a freshly published personal account, titled Ithaki, the former premier Alexis Tsipras does not hold back while he examines the turbulent era of Greece's financial crisis.
A Controversial Choice
According to the ex-PM's recollections, Tsipras chose the unorthodox academic Varoufakis as his treasury head mainly because of his worldwide fame and Varoufakis's highly compelling abilities as a public orator.
“In reality, he was, in reality, more of a personality and less of an economic expert,” recalled Tsipras.
Clashing Priorities
Tsipras suggests that Varoufakis possessed a personal agenda that involved promoting Varoufakis's publications as well as testing out his own theories on Greece instead of truly advocating its economic stability.
Tsipras wrote how the discussions to prevent insolvency became “not only a method to secure a better deal for Greece. They were an experiment, an historic chance to prove the truth of Varoufakis's ideas.”
Critical Talks
Amid volatile negotiations, Greece came perilously close to leaving the eurozone.
At stake lay not only Greece's destiny and those harsh austerity measures required in return for financial aid from international creditors.
Failed Alternatives
Attempts to find funds from other sources, such as an urgent appeal to Russia to buy Greek bonds, were rejected.
Helping the indebted country was equivalent to throwing money in the trash-can, Putin is reputed to have told Tsipras in Moscow.
Public Vote and Reversal
In July 2015, those harsh bailout terms were subjected to a public vote, an action which plunged the EU into further crisis of identity.
Although the vote was won decisively by those against the cuts, Tsipras was forced to reject its outcome then negotiate a bailout package with foreign lenders that proved to be more severe.
Breaking Point
Tsipras claimed how he began to doubt his finance minister quite early on.
“He was the face of the talks, the figure who drew media attention, who appeared on the covers of publications the world over … he gave the impression he relished the spotlight.”
After Varoufakis proposed a backup strategy involving establishing a secondary currency as well as issuing coupons to retirees, the leader said he realised it was game over and asked him: “Are you serious?”
Enduring Rebuke
In the memoir, the author asserts that his former ally demonstrated himself “unfit for a deal demanding complex and delicate handling.”
He also wrote how his confrontational style made him increasingly isolated with colleagues, put Greece at risk, and helped hawks that were advocating a Greek exit from the euro.
The retelling of history has provoked fury and shock among certain groups, while Varoufakis has kept a deafening silence on the matter.
