Within his recently unveiled memoir, titled Ithaki, the former prime minister Alexis Tsipras does not hold back as he revisits that chaotic era during Greece's financial crisis.
An Unconventional Choice
In the ex-PM's account, Tsipras chose the maverick academic Varoufakis as the treasury head primarily because of his worldwide fame and his very persuasive skills as a public orator.
“In reality, he was, truthfully, more like a personality rather than an economist,” recalled Tsipras.
Clashing Agendas
The former leader suggests how Varoufakis possessed his own agenda which included advancing Varoufakis's books as well as testing out his theories on the nation rather than truly fighting for the country's financial survival.
Tsipras explained that those talks to stave off bankruptcy were “not just a method of achieving improved terms for the country. They became an experiment, a monumental chance to prove the validity of Varoufakis's theories.”
High-Stakes Talks
During tense negotiations, the country came perilously close to exiting the single currency area.
At stake lay not only Greece's future and those harsh austerity measures required in return for rescue loans by international creditors.
Failed Options
Attempts to find funds elsewhere, including an urgent plea to the Kremlin to purchase Greek bonds, fell on stony ground.
Helping Greece was equivalent to throwing money into the garbage, Putin reportedly told Tsipras in Moscow.
Public Vote Followed by Reversal
That summer, the punitive bailout terms were subjected to a public vote, an action that threw the EU into a further existential crisis.
Although the referendum was won decisively by voters who opposed the cuts, the prime minister was forced to reject its outcome then agree to a rescue deal with foreign lenders which proved to be tougher.
Breaking Point
Tsipras revealed that he started questioning his finance minister quite early on.
“He was the face of negotiation, the man who drew publicity, who appeared on the covers of magazines the world over … it seemed he was enjoying his new role.”
When the minister outlined a contingency plan that included establishing a secondary currency as well as issuing coupons to pensioners, Tsipras said he realised that it was game over and asked Varoufakis: “Can you be serious?”
Enduring Rebuke
Within the memoir, Tsipras concludes that his former ally demonstrated himself to be “unsuitable for an agreement that required intricate and delicate handling.”
Tsipras further wrote that Varoufakis's aggressive style made him increasingly isolated with colleagues, endangered the country, and helped hardliners that were pushing for Grexit.
The retelling of history has been met with anger and shock among certain groups, while the former minister has so far kept a conspicuous quiet regarding these claims.
