Within his newly released autobiography, titled Ithaki, the former prime minister Alexis Tsipras spares no criticism as he examines that turbulent era of Greece's financial crisis.
An Unconventional Appointment
According to the ex-PM's version, Tsipras appointed the unorthodox economist Varoufakis as his treasury head mainly due to his international reputation along with his “extremely attractive” skills when it came to public orator.
“He was, in reality, more like a celebrity rather than an economist,” wrote the 51-year-old.
Clashing Agendas
Tsipras suggests that his finance chief possessed a personal motives which involved promoting Varoufakis's publications and experimenting with his economic models using Greece instead of truly advocating the country's financial survival.
He explained how the discussions to avoid bankruptcy became “not only a method to secure a better deal for Greece. They were an experiment, an historic opportunity to demonstrate the truth of Varoufakis's ideas.”
Critical Talks
During volatile negotiations, Greece came dangerously on the brink of leaving the eurozone.
On the line lay both the country's destiny but also the harsh austerity policies demanded in exchange for financial aid from foreign lenders.
Unsuccessful Options
Efforts to secure financing from other sources, such as a desperate plea to the Kremlin to buy Greek bonds, went unanswered.
Helping the indebted country would be equivalent to tossing cash in the trash-can, Putin is reputed to have told Tsipras during their meeting.
Referendum and U-Turn
In July 2015, the punitive conditions were subjected to a public vote, a move that plunged Europe into a further existential crisis.
Although the vote was carried resoundingly by voters against the cuts, Tsipras had little option to reject its outcome and negotiate a bailout package with foreign lenders that turned out to be more severe.
Final Straw
Tsipras claimed that he started questioning his finance minister quite early on.
“He was the public image of negotiation, the figure who attracted media attention, who graced the front pages of magazines globally … it seemed he was enjoying the spotlight.”
After Varoufakis proposed a contingency plan that included establishing a parallel currency as well as issuing vouchers to retirees, Tsipras said he realised it was the end questioning him: “Are you serious?”
Enduring Rebuke
Within the memoir, the author asserts that his former ally had proved himself to be “unsuitable for a deal that required intricate and delicate handling.”
Tsipras further wrote how Varoufakis's confrontational approach made him increasingly isolated among peers, put Greece at risk, and helped hardliners that were advocating a Greek exit from the euro.
This retelling of history has provoked anger and shock in some quarters, while Varoufakis has so far kept a conspicuous quiet on the matter.
