Within his freshly published memoir, titled Ithaki, the former prime minister Alexis Tsipras pulls no punches as he reflects on the turbulent period of Greece's debt drama.
An Unconventional Appointment
As per the ex-PM's account, Tsipras selected that maverick economist Varoufakis as his finance minister mainly due to the latter's worldwide fame and his “extremely attractive” abilities as a speaker.
“In reality, he was, actually, more like a personality and less of an economic expert,” recalled the 51-year-old.
Conflicting Priorities
Tsipras suggests how Varoufakis possessed a personal motives which included advancing his publications as well as experimenting with his theories on Greece rather than truly advocating the country's financial survival.
He explained that the talks to stave off bankruptcy were “not just a way to secure improved terms for the country. They were a test, an historic opportunity to prove the validity of his ideas.”
Critical Talks
During volatile discussions, the country came perilously on the brink of leaving the single currency area.
On the line lay both the country's future but also those harsh austerity measures required in return for bailout funds from international creditors.
Unsuccessful Options
Attempts to secure financing from other sources, including a desperate plea to Russia to purchase Greek bonds, were rejected.
Helping the indebted country would be equivalent to tossing cash into the garbage, the Russian leader is reputed to have told his Greek counterpart in Moscow.
Referendum Followed by Reversal
In July 2015, the punitive conditions were put to a popular referendum, an action which threw the EU into deeper crisis of identity.
Although the vote was carried decisively by those who opposed the cuts, Tsipras was forced to ignore the result and negotiate a bailout package with creditors which proved to be tougher.
Breaking Point
Tsipras revealed how he began to doubt Varoufakis relatively soon.
“He was the public image of negotiation, the man who drew publicity, who graced the covers of publications the world over … he gave the impression he relished the spotlight.”
After Varoufakis proposed a contingency plan involving establishing a parallel currency as well as issuing coupons to retirees, Tsipras knew it was the end questioning him: “Are you serious?”
Enduring Rebuke
Within the memoir, the author concludes how Varoufakis demonstrated himself “unfit for a deal that required intricate and sensitive management.”
Tsipras further claimed that his aggressive style left him increasingly isolated with colleagues, put Greece at risk, and helped hardliners that were pushing for Grexit.
The retelling of events has been met with fury and shock among certain groups, while Varoufakis has so far maintained a deafening silence on the matter.
