Within his newly released autobiography, named Ithaki, the former prime minister Alexis Tsipras pulls no punches as he examines that turbulent era of Greece's economic turmoil.
A Controversial Appointment
In the ex-PM's version, Tsipras selected that unorthodox economist Varoufakis as the finance minister largely because of his international reputation along with his “extremely attractive” abilities as a public orator.
“He was, truthfully, more like a celebrity rather than an economic expert,” recalled the 51-year-old.
Conflicting Agendas
The former leader alleges how his finance chief had a personal motives which involved advancing Varoufakis's publications and experimenting with his game theories using Greece rather than genuinely fighting for its economic stability.
He explained how those talks to avoid bankruptcy were “not only a way of achieving improved terms for the country. They became an experiment, a monumental opportunity to demonstrate the validity of Varoufakis's ideas.”
High-Stakes Negotiations
During volatile negotiations, Greece found itself dangerously close to leaving the eurozone.
On the line lay both the country's destiny but also the harsh austerity policies demanded in exchange for rescue loans from international creditors.
Failed Options
Attempts to find financing from other sources, such as a desperate appeal to the Kremlin to purchase Greek government bonds, went unanswered.
Assisting Greece was equivalent to throwing money in the trash-can, Putin is reputed to have informed his Greek counterpart during their meeting.
Referendum Followed by U-Turn
In July 2015, the punitive conditions were put to a public vote, an action that plunged Europe into a deeper existential crisis.
Even though the vote was won decisively by those against austerity, the prime minister had little option to reject its outcome then negotiate a rescue deal from foreign lenders that proved to be more severe.
Breaking Point
The ex-PM revealed how he started questioning Varoufakis relatively soon.
“He was the public image of negotiation, the figure who attracted media attention, who appeared on the front pages of magazines the world over … he gave the impression he relished the spotlight.”
After Varoufakis proposed a backup strategy that included creating a secondary currency as well as issuing coupons to retirees, Tsipras said he realised it was the end and asked Varoufakis: “Can you be serious?”
Lasting Rebuke
Within the book, Tsipras concludes how his former ally had proved himself “unsuitable for an agreement demanding intricate and sensitive management.”
Tsipras further wrote how his aggressive approach made him increasingly isolated among peers, put Greece at risk, while assisted hardliners that were advocating a Greek exit from the euro.
The retelling of history has been met with anger and stunned disbelief among certain groups, whereas the former minister has maintained a deafening silence on the matter.
