Within his recently unveiled autobiography, titled Ithaki, the former premier Alexis Tsipras does not hold back while he examines the turbulent era of Greece's economic turmoil.
An Unconventional Appointment
According to the ex-PM's recollections, Tsipras chose that maverick academic Varoufakis as his finance minister primarily due to his global profile and his very persuasive skills as a speaker.
“In reality, he was, actually, more of a personality and less of an economic expert,” wrote the 51-year-old.
Clashing Priorities
Tsipras claims that Varoufakis had a personal agenda which included promoting his publications and experimenting with his own economic models on Greece rather than genuinely fighting for its financial survival.
Tsipras noted that those discussions to prevent insolvency were “not just a way to secure improved terms for Greece. They became an experiment, an historic chance to demonstrate the truth of his theories.”
High-Stakes Talks
During tense discussions, the country came dangerously close to exiting the eurozone.
At stake was not only the country's destiny but also those punishing austerity policies demanded in exchange for rescue loans from foreign lenders.
Unsuccessful Options
Efforts to secure funds from other sources, such as an urgent plea to Russia to buy Greek bonds, went unanswered.
Assisting the indebted country would be tantamount to throwing money into the garbage, Putin reportedly told Tsipras in Moscow.
Referendum and Reversal
In July 2015, the excoriating conditions were subjected to a popular referendum, an action which plunged the EU into a deeper existential crisis.
Even though the referendum was carried decisively by those who opposed the cuts, Tsipras had little option to ignore the result then agree to a rescue deal with creditors that turned out to be even harsher.
Final Straw
Tsipras revealed how he began to doubt his finance minister quite early on.
“Varoufakis was the face of the talks, the man who drew publicity, who appeared on the front pages of magazines globally … it seemed he was enjoying the spotlight.”
After Varoufakis proposed a contingency plan involving establishing a secondary currency as well as issuing coupons to pensioners, Tsipras said he realised it was the end and asked him: “Can you be serious?”
Enduring Rebuke
In the memoir, Tsipras asserts how his former ally had proved himself to be “unsuitable for a deal that required complex and delicate handling.”
Tsipras also wrote that his aggressive approach made him more and more alone among peers, endangered the country, and helped hawks that were pushing for a Greek exit from the euro.
This retelling of history has been met with fury along with shock in some quarters, whereas the former minister has maintained a conspicuous quiet on the matter.
