Within his recently unveiled memoir, named Ithaki, the former prime minister Alexis Tsipras does not hold back while he reflects on the chaotic period during Greece's debt drama.
An Unconventional Appointment
In Tsipras's version, Tsipras chose that unorthodox economist Varoufakis as the finance minister mainly due to his worldwide fame and his very persuasive skills as a communicator.
“He was, truthfully, more like a star rather than an economic expert,” wrote Tsipras.
Clashing Agendas
Tsipras suggests how Varoufakis had a personal agenda which included advancing Varoufakis's books and testing out his own economic models using the nation instead of truly advocating its financial survival.
He wrote how the talks to prevent insolvency were “not only a way of achieving improved terms for Greece. They were an experiment, a monumental opportunity to prove the validity of Varoufakis's ideas.”
Critical Negotiations
During rollercoaster discussions, Greece came dangerously on the brink of leaving the eurozone.
At stake was not only the country's future and the harsh cutbacks required in exchange for bailout funds from international creditors.
Unsuccessful Options
Efforts to secure funds elsewhere, including an urgent appeal to Russia to purchase Greek bonds, fell on stony ground.
Assisting Greece would be equivalent to tossing cash into the garbage, Putin is reputed to have told his Greek counterpart during their meeting.
Referendum Followed by U-Turn
That summer, the excoriating bailout terms were put to a public vote, a move which threw the EU into deeper crisis of identity.
Even though the vote was won resoundingly by those who opposed the cuts, Tsipras had little option but to ignore the result then agree to a rescue deal from creditors that turned out to be tougher.
Breaking Point
Tsipras claimed how he began to doubt Varoufakis quite early on.
“He was the face of negotiation, the man who drew media attention, who graced the covers of magazines the world over … he gave the impression he relished his new role.”
When the minister proposed a backup strategy that included establishing a secondary currency and issuing coupons to retirees, the leader knew that it was the end and asked him: “Can you be serious?”
Enduring Rebuke
Within the book, the author concludes that his former ally demonstrated himself “unfit for an agreement demanding intricate and delicate management.”
He also claimed that Varoufakis's aggressive approach made him more and more alone among peers, put Greece at risk, and helped hawks that were advocating Grexit.
This retelling of history has been met with anger and shock in some quarters, whereas Varoufakis has maintained a deafening silence on the matter.
