Within his recently unveiled personal account, called Ithaki, the former premier Alexis Tsipras does not hold back as he revisits that chaotic period of Greece's debt drama.
An Unconventional Choice
As per the ex-PM's account, Tsipras appointed the maverick economist Varoufakis to be his treasury head largely due to his global profile and Varoufakis's “extremely attractive” abilities as a speaker.
“In reality, he was, truthfully, more of a star rather than an economic expert,” recalled Tsipras.
Conflicting Agendas
Tsipras claims how Varoufakis had his own motives which involved promoting Varoufakis's books as well as experimenting with his theories on Greece instead of genuinely fighting for its financial survival.
He explained that the negotiations to avoid insolvency became “not only a way of achieving a better deal for Greece. They were a test, a monumental chance to demonstrate the truth of Varoufakis's economic theories.”
High-Stakes Negotiations
During rollercoaster negotiations, Greece came dangerously on the brink of exiting the eurozone.
On the line was both Greece's destiny but also the harsh austerity policies demanded in return for financial aid from foreign lenders.
Unsuccessful Alternatives
Attempts to secure funds elsewhere, including an urgent appeal to the Kremlin to buy Greek bonds, fell on stony ground.
Assisting Greece was tantamount to throwing money into the garbage, Putin reportedly told Tsipras during their meeting.
Referendum and Reversal
In July 2015, those excoriating conditions were subjected to a public vote, an action that threw Europe into a deeper crisis of identity.
Although the referendum was won resoundingly by those against austerity, the prime minister was forced but to reject its outcome and agree to a bailout package from creditors which proved to be even harsher.
Breaking Point
The ex-PM revealed that he began to doubt Varoufakis quite early on.
“Varoufakis was the public image of negotiation, the man who attracted media attention, who graced the front pages of publications the world over … he gave the impression he relished his new role.”
After Varoufakis proposed a contingency plan that included creating a secondary currency as well as distributing coupons to pensioners, the leader knew it was the end questioning Varoufakis: “Can you be serious?”
Lasting Rebuke
Within the memoir, Tsipras asserts how his former ally had proved himself to be “unfit for a deal demanding complex and delicate handling.”
Tsipras further wrote that Varoufakis's confrontational approach left him increasingly isolated among peers, put Greece at risk, and assisted hawks who were advocating a Greek exit from the euro.
This account of history has been met with anger along with shock among certain groups, whereas Varoufakis has maintained a deafening silence on the matter.
