Within his newly released autobiography, titled Ithaki, the ex- premier Alexis Tsipras pulls no punches as he examines the chaotic era during Greece's debt drama.
A Controversial Choice
In the ex-PM's account, Tsipras chose the maverick academic Varoufakis as the treasury head primarily due to his global profile and Varoufakis's highly compelling skills when it came to communicator.
“In reality, he was, in reality, more like a celebrity rather than an economist,” recalled the 51-year-old.
Clashing Priorities
The former leader suggests that Varoufakis had a personal motives that involved advancing his publications and experimenting with his own economic models using the nation rather than truly advocating the country's economic stability.
He explained that those negotiations to avoid bankruptcy were “not only a method to secure a better deal for Greece. They became an experiment, an historic chance to prove the truth of his economic theories.”
Critical Negotiations
During tense discussions, Greece found itself perilously close to leaving the single currency area.
On the line lay not only Greece's destiny and the harsh austerity measures demanded in return for bailout funds by foreign lenders.
Unsuccessful Alternatives
Efforts to find funds elsewhere, including an urgent appeal to Russia to buy Greek government bonds, were rejected.
Helping Greece was equivalent to tossing cash into the garbage, Putin is reputed to have informed his Greek counterpart during their meeting.
Referendum and U-Turn
That summer, those punitive conditions were put to a public vote, an action that threw the EU into deeper existential crisis.
Although the referendum was won resoundingly by those who opposed the cuts, Tsipras was forced but to reject its outcome and negotiate a rescue deal with foreign lenders that proved to be tougher.
Final Straw
The ex-PM claimed how he began to doubt Varoufakis relatively soon.
“He was the public image of the talks, the figure who drew media attention, who graced the covers of publications globally … he gave the impression he relished the spotlight.”
When the minister outlined a backup strategy involving creating a secondary currency and distributing coupons to retirees, Tsipras said he realised that it was the end and asked Varoufakis: “Can you be serious?”
Lasting Criticism
Within the book, the author asserts how his former ally had proved himself to be “unsuitable for an agreement that required complex and delicate handling.”
Tsipras further wrote how his aggressive approach made him more and more alone with colleagues, endangered the country, and assisted hardliners that were pushing for Grexit.
The account of history has provoked anger along with stunned disbelief in some quarters, whereas Varoufakis has so far maintained a conspicuous quiet on the matter.
