In a freshly published autobiography, named Ithaki, the ex- premier Alexis Tsipras pulls no punches as he revisits the chaotic period of Greece's financial crisis.
A Controversial Appointment
According to Tsipras's account, he chose that unorthodox economist Varoufakis as the treasury head mainly due to his worldwide fame along with his very persuasive skills as a speaker.
“He was, in reality, more like a star and less of an economic expert,” wrote the 51-year-old.
Conflicting Priorities
The former leader suggests that his finance chief possessed his own motives that included promoting his books and experimenting with his own economic models on Greece rather than genuinely fighting for the country's financial survival.
He noted how those negotiations to prevent bankruptcy were “not just a method of achieving improved terms for Greece. They became a test, an historic opportunity to demonstrate the validity of his theories.”
Critical Talks
During tense discussions, Greece came perilously on the brink of exiting the eurozone.
On the line lay both Greece's future and those harsh cutbacks demanded in exchange for rescue loans from international creditors.
Unsuccessful Alternatives
Attempts to secure funds elsewhere, including an urgent appeal to Russia to purchase Greek government bonds, fell on stony ground.
Helping the indebted country would be equivalent to throwing money into the garbage, Putin reportedly told Tsipras in Moscow.
Referendum Followed by U-Turn
That summer, those harsh conditions were subjected to a public vote, an action which threw the EU into a deeper existential crisis.
Even though the vote was won resoundingly by those against the cuts, Tsipras was forced to reject its outcome then agree to a bailout package from creditors which turned out to be even harsher.
Breaking Point
The ex-PM claimed how he started questioning his finance minister relatively soon.
“He was the public image of negotiation, the figure who drew media attention, who graced the front pages of magazines globally … it seemed he was enjoying the spotlight.”
When the minister proposed a backup strategy involving creating a parallel currency as well as issuing vouchers to pensioners, the leader said he realised that it was the end and asked Varoufakis: “Are you serious?”
Lasting Rebuke
Within the book, the author concludes how Varoufakis had proved himself to be “unsuitable for a deal demanding intricate and delicate handling.”
He further wrote how Varoufakis's confrontational approach made him increasingly isolated among peers, put Greece at risk, and assisted hardliners that were pushing for Grexit.
The retelling of history has been met with fury and stunned disbelief among certain groups, while the former minister has maintained a conspicuous quiet on the matter.
