Within his newly released autobiography, titled Ithaki, the former prime minister Alexis Tsipras does not hold back while he reflects on that chaotic era of Greece's financial crisis.
A Controversial Appointment
According to Tsipras's account, he selected that maverick economist Varoufakis as the finance minister largely due to the latter's global profile and Varoufakis's very persuasive abilities when it came to public orator.
“He was, truthfully, more of a celebrity and less of an economic expert,” recalled Tsipras.
Conflicting Priorities
Tsipras alleges that his finance chief had a personal motives which included advancing Varoufakis's publications and experimenting with his own theories on the nation rather than genuinely advocating the country's financial survival.
Tsipras noted that the discussions to stave off bankruptcy became “not just a way of achieving improved terms for Greece. They were an experiment, a monumental opportunity to demonstrate the validity of Varoufakis's economic theories.”
Critical Negotiations
During rollercoaster discussions, Greece came perilously close to leaving the single currency area.
At stake was not only Greece's future and those harsh cutbacks required in exchange for financial aid from international creditors.
Unsuccessful Options
Efforts to secure financing elsewhere, such as an urgent appeal to the Kremlin to buy Greek bonds, went unanswered.
Helping Greece would be equivalent to tossing cash into the garbage, Putin reportedly informed his Greek counterpart during their meeting.
Referendum and U-Turn
That summer, those excoriating bailout terms were put to a public vote, a move that threw the EU into a further existential crisis.
Even though the vote was carried decisively by voters against the cuts, the prime minister was forced to reject its outcome then negotiate a rescue deal with creditors which proved to be tougher.
Breaking Point
Tsipras revealed how he began to doubt Varoufakis relatively soon.
“He was the public image of negotiation, the man who attracted publicity, who graced the front pages of magazines the world over … he gave the impression he was enjoying the spotlight.”
After the minister proposed a backup strategy involving creating a parallel currency as well as distributing coupons to retirees, Tsipras said he realised that it was the end questioning him: “Is this for real?”
Lasting Criticism
Within the memoir, the author asserts how his former ally had proved himself “unsuitable for a deal that required complex and delicate management.”
He also wrote how his confrontational style left him more and more alone with colleagues, endangered the country, and helped hardliners who were advocating a Greek exit from the euro.
This retelling of events has been met with fury along with stunned disbelief among certain groups, whereas the former minister has maintained a conspicuous quiet on the matter.
