Within his recently unveiled autobiography, called Ithaki, the ex- premier Alexis Tsipras does not hold back while he revisits that turbulent period of Greece's debt drama.
A Controversial Choice
According to the ex-PM's version, Tsipras selected that maverick academic Varoufakis as his treasury head largely because of his worldwide fame and his highly compelling skills as a communicator.
“He was, in reality, more like a celebrity and less of an economist,” wrote Tsipras.
Clashing Agendas
Tsipras alleges how his finance chief had a personal motives that included promoting his books and experimenting with his economic models on the nation instead of truly fighting for its financial survival.
He explained how those talks to prevent bankruptcy became “not just a method to secure improved terms for Greece. They became an experiment, a monumental chance to demonstrate the truth of Varoufakis's theories.”
Critical Talks
During rollercoaster discussions, the country came dangerously on the brink of exiting the eurozone.
At stake lay not only the country's future and those punishing austerity measures required in exchange for rescue loans by international creditors.
Failed Alternatives
Attempts to find financing from other sources, including a desperate appeal to Russia to buy Greek bonds, went unanswered.
Helping the indebted country was tantamount to throwing money into the garbage, Putin is reputed to have told Tsipras in Moscow.
Public Vote and U-Turn
In July 2015, those harsh conditions were subjected to a public vote, an action which threw Europe into further existential crisis.
Even though the vote was carried decisively by those against the cuts, Tsipras had little option but to ignore the result and agree to a rescue deal with creditors which proved to be even harsher.
Breaking Point
The ex-PM claimed that he started questioning his finance minister quite early on.
“He was the face of the talks, the man who attracted publicity, who graced the front pages of publications the world over … it seemed he was enjoying his new role.”
When the minister proposed a contingency plan involving establishing a parallel currency as well as issuing vouchers to pensioners, Tsipras knew that it was the end and asked him: “Can you be serious?”
Lasting Criticism
Within the memoir, Tsipras concludes how his former ally demonstrated himself to be “unsuitable for an agreement that required intricate and delicate handling.”
Tsipras also wrote that Varoufakis's aggressive style made him increasingly isolated with colleagues, put Greece at risk, while assisted hawks that were advocating Grexit.
The retelling of events has been met with fury and stunned disbelief among certain groups, whereas Varoufakis has kept a conspicuous quiet on the matter.
