Within his recently unveiled autobiography, called Ithaki, the ex- prime minister Alexis Tsipras pulls no punches while he examines that turbulent period of Greece's economic turmoil.
An Unconventional Appointment
As per the ex-PM's account, he chose that unorthodox economist Varoufakis as the finance minister mainly because of his global profile along with his very persuasive skills as a speaker.
“He was, truthfully, more of a personality and less of an economic expert,” recalled the 51-year-old.
Conflicting Priorities
Tsipras claims that Varoufakis had his own motives which included promoting Varoufakis's books as well as experimenting with his own theories on the nation rather than truly fighting for its financial survival.
Tsipras noted that the negotiations to stave off bankruptcy became “not only a method of achieving a better deal for Greece. They became an experiment, an historic opportunity to demonstrate the truth of Varoufakis's theories.”
High-Stakes Talks
During tense negotiations, the country found itself dangerously close to leaving the single currency area.
At stake lay both the country's future and the punishing cutbacks demanded in return for rescue loans by international creditors.
Unsuccessful Alternatives
Efforts to secure financing from other sources, including a desperate plea to the Kremlin to buy Greek bonds, were rejected.
Helping Greece was equivalent to tossing cash into the garbage, Putin reportedly told Tsipras during their meeting.
Referendum Followed by Reversal
That summer, those punitive conditions were subjected to a popular referendum, a move that threw the EU into deeper existential crisis.
Even though the vote was carried decisively by voters against the cuts, the prime minister had little option but to reject its outcome then agree to a rescue deal with creditors that proved to be tougher.
Final Straw
The ex-PM revealed that he began to doubt Varoufakis relatively soon.
“He was the public image of negotiation, the figure who drew media attention, who graced the covers of publications the world over … it seemed he relished his new role.”
When Varoufakis outlined a backup strategy that included establishing a secondary currency and issuing vouchers to retirees, Tsipras knew it was the end and asked Varoufakis: “Are you serious?”
Lasting Criticism
In the book, Tsipras concludes that his former ally demonstrated himself “unfit for an agreement demanding complex and delicate handling.”
Tsipras also claimed that his aggressive style left him increasingly isolated among peers, endangered the country, while helped hawks that were advocating Grexit.
This retelling of history has been met with fury along with stunned disbelief among certain groups, while Varoufakis has maintained a conspicuous quiet on the matter.
