Within his newly released autobiography, called Ithaki, the ex- leader Alexis Tsipras does not hold back as he reflects on the chaotic period during Greece's financial crisis.
An Unconventional Appointment
According to the ex-PM's version, he chose the unorthodox economist Varoufakis as the treasury head mainly due to the latter's global profile along with Varoufakis's very persuasive abilities as a public orator.
“He was, in reality, more of a personality and less of an economic expert,” wrote the 51-year-old.
Clashing Agendas
The former leader suggests how his finance chief had his own agenda that included promoting his publications as well as experimenting with his own economic models using the nation instead of genuinely advocating the country's economic stability.
He noted that those discussions to avoid insolvency became “not only a method to secure improved terms for Greece. They were an experiment, a monumental opportunity to prove the truth of his economic theories.”
Critical Talks
During rollercoaster negotiations, the country found itself dangerously close to leaving the eurozone.
On the line was not only Greece's destiny but also the severe austerity measures demanded in return for rescue loans from international creditors.
Unsuccessful Options
Efforts to secure financing elsewhere, such as an urgent plea to the Kremlin to purchase Greek bonds, fell on stony ground.
Assisting the indebted country was tantamount to throwing money in the trash-can, Putin is reputed to have informed his Greek counterpart during their meeting.
Public Vote and U-Turn
In July 2015, those harsh bailout terms were subjected to a public vote, an action that plunged Europe into deeper crisis of identity.
Although the referendum was won decisively by voters against the cuts, the prime minister was forced to ignore the result then agree to a rescue deal with foreign lenders which proved to be tougher.
Breaking Point
Tsipras claimed how he started questioning his finance minister quite early on.
“Varoufakis was the public image of negotiation, the figure who attracted publicity, who graced the front pages of publications globally … it seemed he relished his new role.”
After Varoufakis proposed a contingency plan that included establishing a parallel currency as well as distributing coupons to pensioners, the leader knew that it was game over questioning Varoufakis: “Is this for real?”
Lasting Rebuke
In the memoir, the author concludes that Varoufakis demonstrated himself to be “unfit for a deal demanding complex and delicate handling.”
He further wrote that his aggressive approach left him more and more alone among peers, put Greece at risk, and assisted hawks who were advocating a Greek exit from the euro.
The retelling of events has provoked anger along with shock in some quarters, while Varoufakis has so far maintained a conspicuous quiet regarding these claims.
