Within his newly released autobiography, named Ithaki, the ex- premier Alexis Tsipras pulls no punches as he examines the turbulent era during Greece's economic turmoil.
An Unconventional Choice
In Tsipras's account, Tsipras selected the unorthodox economist Varoufakis to be the treasury head mainly due to the latter's global profile and Varoufakis's very persuasive abilities when it came to speaker.
“In reality, he was, in reality, more like a star rather than an economic expert,” wrote Tsipras.
Clashing Agendas
The former leader suggests that his finance chief had his own agenda which included advancing Varoufakis's books as well as experimenting with his own game theories on Greece instead of truly fighting for its economic stability.
He noted that those discussions to stave off bankruptcy were “not just a method of achieving a better deal for the country. They became a test, an historic chance to prove the truth of his theories.”
High-Stakes Negotiations
Amid rollercoaster negotiations, Greece found itself dangerously close to exiting the eurozone.
On the line lay both Greece's future and those harsh austerity policies required in exchange for rescue loans from foreign lenders.
Failed Options
Attempts to secure funds from other sources, such as a desperate plea to Russia to purchase Greek government bonds, were rejected.
Assisting the indebted country was equivalent to throwing money into the garbage, the Russian leader reportedly informed Tsipras in Moscow.
Referendum and U-Turn
In July 2015, those excoriating bailout terms were put to a public vote, an action that threw Europe into a deeper crisis of identity.
Although the vote was carried resoundingly by voters who opposed the cuts, Tsipras had little option but to reject its outcome and negotiate a bailout package from foreign lenders that turned out to be tougher.
Breaking Point
Tsipras claimed how he started questioning his finance minister relatively soon.
“He was the face of negotiation, the man who drew publicity, who graced the front pages of magazines the world over … it seemed he relished the spotlight.”
When the minister proposed a backup strategy that included establishing a secondary currency as well as issuing coupons to pensioners, the leader knew that it was the end and asked him: “Can you be serious?”
Enduring Rebuke
Within the book, Tsipras concludes that his former ally had proved himself “unsuitable for an agreement demanding complex and sensitive management.”
Tsipras further wrote that his aggressive style left him increasingly isolated with colleagues, put Greece at risk, and helped hardliners who were pushing for Grexit.
This account of events has provoked anger and stunned disbelief in some quarters, while Varoufakis has so far maintained a conspicuous quiet regarding these claims.
