Within his newly released memoir, titled Ithaki, the former leader Alexis Tsipras does not hold back as he revisits that turbulent era during Greece's financial crisis.
A Controversial Choice
In the ex-PM's account, Tsipras appointed the unorthodox economist Varoufakis to be his finance minister primarily due to his international reputation and his highly compelling abilities as a communicator.
“He was, in reality, more like a star rather than an economist,” stated Tsipras.
Conflicting Agendas
The former leader claims how his finance chief had a personal agenda that included advancing Varoufakis's publications as well as experimenting with his game theories using the nation rather than genuinely fighting for the country's financial survival.
Tsipras explained that those discussions to avoid bankruptcy were “not just a method of achieving improved terms for Greece. They became an experiment, an historic opportunity to prove the truth of his theories.”
High-Stakes Talks
Amid rollercoaster negotiations, Greece found itself dangerously on the brink of leaving the single currency area.
At stake was not only the country's destiny and the punishing cutbacks demanded in return for rescue loans by international creditors.
Unsuccessful Alternatives
Efforts to secure financing elsewhere, including a desperate appeal to the Kremlin to purchase Greek government bonds, fell on stony ground.
Assisting Greece would be tantamount to throwing money in the trash-can, the Russian leader reportedly told his Greek counterpart during their meeting.
Public Vote and U-Turn
That summer, the punitive conditions were subjected to a popular referendum, an action that plunged Europe into a deeper crisis of identity.
Even though the vote was won decisively by voters who opposed the cuts, Tsipras was forced but to reject its outcome and negotiate a bailout package with creditors that turned out to be tougher.
Breaking Point
The ex-PM revealed how he began to doubt Varoufakis relatively soon.
“He was the public image of negotiation, the figure who drew publicity, who graced the front pages of publications the world over … it seemed he was enjoying his new role.”
After the minister proposed a backup strategy that included creating a parallel currency as well as distributing vouchers to pensioners, Tsipras said he realised that it was the end and asked him: “Is this for real?”
Enduring Rebuke
In the memoir, Tsipras concludes how Varoufakis demonstrated himself “unfit for an agreement demanding complex and delicate handling.”
Tsipras further wrote how his aggressive approach left him increasingly isolated among peers, endangered the country, and assisted hardliners that were advocating Grexit.
This retelling of history has been met with fury along with stunned disbelief in some quarters, while the former minister has kept a conspicuous quiet on the matter.
