In a newly released memoir, called Ithaki, the ex- premier Alexis Tsipras pulls no punches while he reflects on the turbulent period of Greece's debt drama.
An Unconventional Appointment
In Tsipras's recollections, he chose the unorthodox economist Varoufakis to be the treasury head largely due to his international reputation and Varoufakis's very persuasive abilities when it came to public orator.
“He was, actually, more like a celebrity and less of an economist,” wrote Tsipras.
Clashing Priorities
The former leader claims how Varoufakis possessed his own agenda which included advancing his publications as well as testing out his own theories using the nation instead of truly fighting for the country's financial survival.
He wrote how those talks to prevent insolvency became “not just a method to secure improved terms for the country. They became an experiment, an historic opportunity to prove the validity of Varoufakis's theories.”
High-Stakes Talks
Amid volatile negotiations, the country came dangerously close to leaving the eurozone.
On the line lay both the country's future but also the harsh austerity policies required in exchange for rescue loans from international creditors.
Failed Options
Efforts to secure financing from other sources, such as an urgent plea to Russia to buy Greek bonds, went unanswered.
Assisting Greece was tantamount to throwing money into the garbage, the Russian leader reportedly informed Tsipras in Moscow.
Public Vote and U-Turn
In July 2015, those harsh bailout terms were put to a public vote, a move which threw Europe into deeper existential crisis.
Even though the vote was won decisively by those against the cuts, Tsipras had little option but to reject its outcome and agree to a bailout package from foreign lenders that turned out to be tougher.
Breaking Point
The ex-PM revealed how he began to doubt Varoufakis relatively soon.
“He was the face of the talks, the man who drew publicity, who graced the front pages of magazines globally … it seemed he relished his new role.”
After Varoufakis proposed a backup strategy involving establishing a parallel currency and issuing vouchers to pensioners, the leader said he realised it was game over and asked him: “Can you be serious?”
Lasting Criticism
Within the memoir, the author asserts how his former ally demonstrated himself to be “unfit for a deal that required intricate and sensitive handling.”
He also wrote that Varoufakis's confrontational style made him increasingly isolated among peers, put Greece at risk, while assisted hardliners that were advocating Grexit.
The retelling of events has provoked fury and stunned disbelief in some quarters, while the former minister has maintained a conspicuous quiet on the matter.
