Within his freshly published autobiography, titled Ithaki, the ex- premier Alexis Tsipras does not hold back while he examines the turbulent era of Greece's debt drama.
An Unconventional Appointment
As per Tsipras's version, he selected the maverick academic Varoufakis to be his finance minister primarily due to the latter's worldwide fame along with his very persuasive abilities as a communicator.
“In reality, he was, truthfully, more like a celebrity and less of an economic expert,” wrote Tsipras.
Conflicting Priorities
The former leader alleges that Varoufakis had a personal agenda that included advancing Varoufakis's publications and experimenting with his game theories on the nation rather than truly advocating its economic stability.
Tsipras wrote how those negotiations to stave off insolvency became “not only a method of achieving improved terms for Greece. They were a test, a monumental chance to demonstrate the truth of Varoufakis's ideas.”
High-Stakes Negotiations
Amid volatile negotiations, the country found itself dangerously on the brink of exiting the eurozone.
On the line was both Greece's destiny and the severe austerity measures demanded in exchange for rescue loans by foreign lenders.
Unsuccessful Alternatives
Attempts to find financing elsewhere, such as a desperate plea to the Kremlin to purchase Greek government bonds, fell on stony ground.
Helping Greece was equivalent to throwing money into the garbage, Putin is reputed to have told Tsipras during their meeting.
Referendum Followed by Reversal
In July 2015, those punitive bailout terms were subjected to a popular referendum, an action which plunged the EU into further existential crisis.
Even though the referendum was won decisively by those who opposed austerity, Tsipras had little option but to reject its outcome then agree to a rescue deal with foreign lenders which proved to be more severe.
Breaking Point
The ex-PM revealed how he began to doubt his finance minister relatively soon.
“He was the public image of negotiation, the figure who drew publicity, who graced the covers of publications globally … it seemed he relished the spotlight.”
When Varoufakis proposed a backup strategy involving establishing a secondary currency and issuing coupons to retirees, the leader said he realised that it was game over and asked Varoufakis: “Is this for real?”
Enduring Criticism
In the book, the author concludes that his former ally demonstrated himself “unfit for a deal demanding complex and delicate management.”
He further claimed that his aggressive style left him increasingly isolated among peers, endangered the country, and assisted hardliners who were advocating a Greek exit from the euro.
The account of history has been met with fury and stunned disbelief in some quarters, while the former minister has kept a deafening silence regarding these claims.
