In a newly released memoir, titled Ithaki, the ex- leader Alexis Tsipras does not hold back as he reflects on the turbulent era during Greece's financial crisis.
An Unconventional Choice
As per Tsipras's version, he selected the unorthodox academic Varoufakis as his treasury head largely due to the latter's international reputation and his “extremely attractive” skills when it came to speaker.
“In reality, he was, actually, more of a star rather than an economic expert,” wrote Tsipras.
Clashing Priorities
Tsipras suggests how Varoufakis had his own agenda that involved advancing Varoufakis's publications as well as testing out his theories on Greece instead of genuinely advocating its financial survival.
He noted how those negotiations to prevent bankruptcy were “not just a way to secure a better deal for the country. They were an experiment, an historic opportunity to demonstrate the validity of his theories.”
High-Stakes Talks
Amid volatile negotiations, Greece found itself dangerously close to exiting the single currency area.
On the line was not only the country's destiny but also those harsh cutbacks required in return for financial aid by foreign lenders.
Failed Alternatives
Efforts to find financing from other sources, including a desperate appeal to the Kremlin to purchase Greek bonds, went unanswered.
Assisting Greece would be equivalent to throwing money into the garbage, the Russian leader is reputed to have told his Greek counterpart in Moscow.
Public Vote Followed by Reversal
That summer, the punitive conditions were put to a public vote, a move that threw Europe into a further crisis of identity.
Even though the referendum was carried decisively by those against the cuts, Tsipras had little option to ignore the result and negotiate a bailout package from foreign lenders that turned out to be tougher.
Final Straw
The ex-PM revealed how he started questioning Varoufakis relatively soon.
“Varoufakis was the face of negotiation, the man who drew media attention, who appeared on the covers of publications globally … it seemed he was enjoying his new role.”
When the minister proposed a backup strategy involving establishing a secondary currency and distributing coupons to retirees, the leader knew it was game over questioning him: “Is this for real?”
Enduring Criticism
Within the memoir, Tsipras asserts that his former ally had proved himself “unfit for a deal demanding complex and delicate management.”
He further claimed that his confrontational approach left him increasingly isolated among peers, put Greece at risk, while helped hardliners that were pushing for a Greek exit from the euro.
This account of events has been met with fury along with stunned disbelief among certain groups, while Varoufakis has kept a deafening silence on the matter.
