In a freshly published autobiography, named Ithaki, the former premier Alexis Tsipras pulls no punches as he examines that chaotic era of Greece's economic turmoil.
An Unconventional Choice
As per the ex-PM's version, Tsipras selected that unorthodox academic Varoufakis as his treasury head mainly due to the latter's global profile along with his highly compelling abilities when it came to speaker.
“He was, actually, more like a personality rather than an economist,” recalled the 51-year-old.
Conflicting Agendas
Tsipras claims that his finance chief had a personal motives which involved advancing Varoufakis's publications as well as testing out his economic models on Greece rather than genuinely fighting for its economic stability.
He noted that those discussions to avoid bankruptcy were “not just a way of achieving improved terms for the country. They became a test, a monumental chance to demonstrate the validity of his theories.”
High-Stakes Negotiations
During tense discussions, the country came dangerously on the brink of leaving the single currency area.
At stake lay both Greece's future and those harsh cutbacks required in exchange for bailout funds by foreign lenders.
Failed Alternatives
Attempts to secure financing from other sources, such as a desperate plea to the Kremlin to buy Greek government bonds, were rejected.
Assisting the indebted country would be equivalent to tossing cash into the garbage, the Russian leader is reputed to have informed Tsipras during their meeting.
Referendum and U-Turn
In July 2015, those excoriating bailout terms were subjected to a popular referendum, an action which plunged Europe into further crisis of identity.
Even though the referendum was won decisively by voters who opposed the cuts, Tsipras was forced to reject its outcome and negotiate a bailout package with creditors that turned out to be more severe.
Breaking Point
Tsipras claimed how he began to doubt Varoufakis quite early on.
“Varoufakis was the face of the talks, the figure who attracted publicity, who appeared on the front pages of magazines globally … he gave the impression he was enjoying his new role.”
When the minister proposed a backup strategy involving creating a secondary currency and distributing coupons to pensioners, the leader said he realised it was game over questioning Varoufakis: “Is this for real?”
Enduring Rebuke
In the memoir, Tsipras concludes how his former ally had proved himself “unfit for an agreement that required complex and delicate handling.”
Tsipras further claimed that Varoufakis's aggressive style left him more and more alone with colleagues, put Greece at risk, and helped hardliners that were pushing for Grexit.
This account of history has been met with anger and shock in some quarters, whereas the former minister has kept a deafening silence regarding these claims.
