Within his recently unveiled personal account, called Ithaki, the ex- premier Alexis Tsipras spares no criticism as he examines the chaotic era of Greece's economic turmoil.
An Unconventional Choice
As per the ex-PM's account, Tsipras chose that unorthodox academic Varoufakis as the finance minister primarily because of the latter's international reputation and his highly compelling skills as a communicator.
“He was, actually, more like a personality rather than an economist,” recalled the 51-year-old.
Clashing Priorities
Tsipras suggests that Varoufakis had his own agenda that included advancing Varoufakis's books and testing out his own theories using Greece rather than genuinely advocating the country's financial survival.
Tsipras noted how those negotiations to avoid insolvency became “not only a way to secure a better deal for Greece. They were a test, a monumental opportunity to prove the truth of his economic theories.”
High-Stakes Negotiations
During tense negotiations, the country found itself dangerously on the brink of exiting the eurozone.
On the line was not only the country's future but also the harsh austerity measures demanded in return for financial aid from foreign lenders.
Unsuccessful Options
Efforts to find financing from other sources, such as an urgent appeal to the Kremlin to buy Greek bonds, were rejected.
Helping the indebted country was tantamount to throwing money into the garbage, Putin reportedly told Tsipras during their meeting.
Referendum Followed by Reversal
In July 2015, the excoriating bailout terms were subjected to a popular referendum, an action that threw the EU into deeper existential crisis.
Although the referendum was won resoundingly by voters against the cuts, the prime minister had little option to reject its outcome and negotiate a bailout package with foreign lenders which proved to be tougher.
Breaking Point
Tsipras revealed how he started questioning Varoufakis quite early on.
“Varoufakis was the face of negotiation, the man who drew media attention, who appeared on the front pages of magazines globally … it seemed he relished his new role.”
After the minister outlined a contingency plan involving establishing a secondary currency as well as distributing coupons to retirees, the leader knew that it was game over and asked Varoufakis: “Is this for real?”
Lasting Rebuke
In the memoir, Tsipras concludes how his former ally demonstrated himself “unfit for an agreement that required intricate and sensitive management.”
Tsipras also wrote how his confrontational style made him increasingly isolated with colleagues, endangered the country, while assisted hardliners who were pushing for Grexit.
This account of history has been met with fury and stunned disbelief in some quarters, while the former minister has maintained a deafening silence regarding these claims.
