Within his newly released personal account, named Ithaki, the former leader Alexis Tsipras pulls no punches as he reflects on the turbulent era of Greece's financial crisis.
An Unconventional Choice
In the ex-PM's account, he appointed the maverick economist Varoufakis as his finance minister mainly because of the latter's worldwide fame and Varoufakis's “extremely attractive” abilities as a public orator.
“In reality, he was, truthfully, more like a celebrity rather than an economic expert,” recalled the 51-year-old.
Clashing Priorities
The former leader alleges that Varoufakis had a personal agenda which included advancing Varoufakis's books as well as testing out his economic models using the nation instead of truly advocating the country's economic stability.
Tsipras noted how those negotiations to prevent insolvency became “not just a method to secure improved terms for Greece. They were an experiment, an historic opportunity to demonstrate the validity of Varoufakis's theories.”
High-Stakes Negotiations
Amid rollercoaster negotiations, Greece found itself dangerously on the brink of leaving the single currency area.
At stake lay not only Greece's destiny but also those severe cutbacks demanded in exchange for rescue loans from foreign lenders.
Failed Alternatives
Attempts to find funds elsewhere, including a desperate appeal to the Kremlin to purchase Greek bonds, went unanswered.
Helping Greece was tantamount to throwing money in the trash-can, the Russian leader reportedly told Tsipras during their meeting.
Public Vote and U-Turn
That summer, the punitive conditions were put to a public vote, an action which plunged Europe into a further crisis of identity.
Even though the referendum was carried decisively by voters who opposed the cuts, Tsipras had little option but to reject its outcome then negotiate a rescue deal with foreign lenders which proved to be tougher.
Breaking Point
Tsipras claimed that he started questioning his finance minister relatively soon.
“He was the public image of the talks, the figure who drew publicity, who appeared on the front pages of magazines globally … it seemed he relished his new role.”
When Varoufakis proposed a contingency plan that included establishing a secondary currency as well as issuing vouchers to pensioners, Tsipras said he realised it was the end and asked Varoufakis: “Is this for real?”
Lasting Rebuke
In the memoir, Tsipras asserts how his former ally demonstrated himself “unsuitable for an agreement that required complex and delicate handling.”
Tsipras also wrote how his confrontational style left him increasingly isolated with colleagues, put Greece at risk, while helped hawks who were advocating Grexit.
The retelling of events has been met with anger along with shock in some quarters, while Varoufakis has so far maintained a deafening silence regarding these claims.
