Within his newly released memoir, titled Ithaki, the ex- prime minister Alexis Tsipras pulls no punches while he revisits the chaotic era of Greece's economic turmoil.
An Unconventional Choice
As per Tsipras's version, Tsipras chose the maverick economist Varoufakis as the treasury head largely due to his global profile along with his highly compelling skills as a public orator.
“In reality, he was, actually, more like a celebrity rather than an economist,” recalled the 51-year-old.
Conflicting Priorities
The former leader suggests how his finance chief had his own motives which included promoting Varoufakis's books as well as testing out his own game theories on Greece rather than genuinely advocating its economic stability.
Tsipras explained how those negotiations to stave off insolvency became “not only a way to secure a better deal for the country. They were an experiment, an historic chance to prove the truth of his ideas.”
Critical Talks
During rollercoaster discussions, Greece came dangerously on the brink of exiting the single currency area.
On the line was both the country's destiny but also those harsh austerity policies required in return for rescue loans from foreign lenders.
Failed Options
Efforts to secure financing from other sources, including an urgent appeal to the Kremlin to purchase Greek bonds, went unanswered.
Assisting the indebted country would be equivalent to throwing money into the garbage, the Russian leader reportedly informed his Greek counterpart in Moscow.
Referendum and U-Turn
That summer, those harsh bailout terms were subjected to a public vote, a move that plunged Europe into deeper existential crisis.
Although the vote was carried decisively by those against austerity, the prime minister had little option to reject its outcome then negotiate a rescue deal with creditors which proved to be tougher.
Breaking Point
The ex-PM claimed how he began to doubt his finance minister relatively soon.
“Varoufakis was the face of the talks, the figure who attracted media attention, who graced the covers of magazines the world over … he gave the impression he was enjoying his new role.”
When Varoufakis outlined a backup strategy that included creating a parallel currency as well as distributing vouchers to pensioners, Tsipras knew that it was the end questioning Varoufakis: “Is this for real?”
Lasting Rebuke
In the book, the author concludes how Varoufakis had proved himself to be “unfit for an agreement that required complex and delicate management.”
He further wrote that his confrontational approach made him more and more alone with colleagues, endangered the country, while helped hardliners that were advocating a Greek exit from the euro.
This account of events has provoked anger and stunned disbelief among certain groups, while Varoufakis has so far maintained a deafening silence on the matter.
