In a newly released autobiography, titled Ithaki, the former prime minister Alexis Tsipras pulls no punches as he examines the chaotic era of Greece's economic turmoil.
A Controversial Choice
In the ex-PM's version, he appointed the unorthodox economist Varoufakis to be his finance minister primarily because of his global profile and Varoufakis's “extremely attractive” abilities as a communicator.
“In reality, he was, in reality, more of a star rather than an economic expert,” stated Tsipras.
Conflicting Agendas
The former leader alleges that Varoufakis possessed a personal motives that involved promoting his books as well as testing out his economic models using Greece instead of truly fighting for its economic stability.
Tsipras wrote that the discussions to prevent bankruptcy were “not just a way of achieving improved terms for the country. They were a test, an historic opportunity to demonstrate the validity of Varoufakis's economic theories.”
High-Stakes Negotiations
During rollercoaster negotiations, the country found itself dangerously on the brink of exiting the single currency area.
At stake was both the country's destiny and those punishing cutbacks required in return for financial aid from international creditors.
Failed Alternatives
Attempts to secure financing from other sources, including a desperate plea to the Kremlin to buy Greek government bonds, were rejected.
Helping the indebted country would be equivalent to tossing cash into the garbage, Putin is reputed to have informed his Greek counterpart in Moscow.
Public Vote and Reversal
In July 2015, the harsh bailout terms were subjected to a popular referendum, a move that plunged the EU into further existential crisis.
Even though the referendum was carried resoundingly by those who opposed the cuts, Tsipras was forced to reject its outcome then negotiate a bailout package from creditors which turned out to be even harsher.
Breaking Point
The ex-PM revealed that he began to doubt his finance minister relatively soon.
“He was the face of negotiation, the figure who attracted media attention, who graced the front pages of publications the world over … he gave the impression he was enjoying the spotlight.”
After the minister outlined a contingency plan that included creating a secondary currency as well as distributing vouchers to pensioners, Tsipras said he realised that it was the end questioning Varoufakis: “Is this for real?”
Lasting Rebuke
In the book, the author asserts how his former ally demonstrated himself to be “unsuitable for an agreement that required intricate and delicate management.”
Tsipras further claimed how Varoufakis's aggressive approach left him more and more alone among peers, endangered the country, while assisted hawks who were advocating Grexit.
This account of events has provoked fury and stunned disbelief among certain groups, whereas Varoufakis has so far kept a conspicuous quiet regarding these claims.
